Yes it is.
Because it probably is. Other than esphome the tasmota firmware packs everything (including the stuff you don’t need) into the binary. That’s typically causes to always be short on space having tasmota flashed.
The typical scenario is to flash a tasmota-minimal.bin to have space for a ota update again.
You could probably also just build a esphome firmware with the minimal amount of components possible to still fit in - something like:
esphome:
name: nous-a1t-001
platform: ESP8266
board: esp8285
wifi:
networks:
- ssid: 'SSID'
password: 'PASSWORD'
ota:
logger:
level: NONE
after that you can just use the esphome magic to directly run ota updates without hassle