Yes. Simply download the update you want to update to then plug your USB into your computer and create the following folders on your USB.
On the root of your USB create a folder named PS4. Now open the PS4 folder and create a folder named UPDATE. Open the UPDATE folder and put the PS4 update file into there but rename the file to PS4UPDATE.PUP
Now, go on your PS4 and connect the USB storage device to your system, and then from the function screen, select (Settings) > [System Software Update] the follow the on-screen instructions to complete the update.
You could only update to a firmware HIGHER then the one you’re currently on. For example, if you’re on 3.00 you can go to 3.01 or higher. You cannot downgrade to a lower firmware.