Yes - and this is how it is in a lot of other Indo-European languages too.

from the spelling i assume they were pronounced the same, but hopefully they both rhymed with thou.

Note that "you" is actually the object form, so the table is unfortunately not arranged the obvious way:

    single  plural  used in contexts of
    thou    ye      nominative (subject), vocative (preceded by the word "O"). For the singular, this implies that the relevant verb takes the "-[e]st" suffix.
    thee    you     all object forms (direct object, indirect object, object of preposition)
    thy     your    possessive determiner, before consonant sounds - thy will, thy God
    thine   your    possessive determiner, before vowel sounds (including 'h') - thine enemy, thine head
    thine   yours   possessive pronoun - not my will but thine, all that I have is thine

(the last distinction used to by used for my/mine, and is still used for a/an)