Yep. Imagine a spectral histogram. Pure white light looks like this:

     R   G   B
  _=============_

A surface that reflects the wavelength at “x” will look fully saturated and bright:

     R   G   B
  _=============_
           x

But now imagine a “peaky” white. The histogram has peaks at pure R, G, and B, but the other wavelengths are underrepresented or absent.

     R   G   B
    _=_ _=_ _=_

The light will look white to the eye, and surfaces that reflect a wide spectrum will look relatively normal. But look at our hypothetical narrowly-reflective surface from before: It falls in between the peaks, and thus will have a washed-out appearance.

     R   G   B
    _=_ _=_ _=_
           x