If the TV has two tuners and something to record to (hard drive, data stick), yes. Alternatively, many channels offer catch up services which can be available through the smart TV without any need to record anything. However, this will rely on a broadband connection. Look out for Freeview Play functionality.
I've stayed old school so far. I have an older Freeview smart TV with limited functionality. It's coupled with a Digital TV hard drive recorder. It has two of its own tuners. That means I can record two channels and watch a third via the TVs own tuner (not that I bother very often).