Probably. The big difference between light and medium armor (in game terms) is reduced speed. In practice this is more related to the flexibility of the armor than the weight og the armor.
A chain shirt is very flexible, in practice it don't hinder movement at all (but you get pretty tired after a few hours because all the weight is on your shoulders).
Hide armor is very hard, with (almost) no flexibility. A breatplate of hide wouldn't impair movement much, while a full armor of hide definitely would.
.Ziggy