Absolutely. It's entirely possible—and more common than many realize—for a woman who knows she's MTF to never pursue a "full" transition. Being transgender doesn't come with deadlines or required milestones. Your gender is still valid whether or not you change your name, come out widely, start hormones, have surgeries, or choose to take none of those steps. I've known women who were clear about being MTF yet never transitioned before they passed; their identities were no less real.
People make different choices for many reasons: relationships and family, personal safety, finances, health conditions, career or community considerations, geography, the level or type of dysphoria they experience, or simply because certain steps don't feel necessary for their sense of authenticity. Some keep their identity private. Some transition socially but not medically. Others pursue select medical interventions and skip the rest. None of these paths is "less trans."
What matters most is agency and wellbeing—finding the mix that lets you feel at home in yourself while balancing the realities of your life. That mix can change over time; a "not now" isn't a "never," and a "never" can still be peaceful, complete, and true. The only person qualified to set your timeline—or to decide not to have one—is you.
You're not alone in considering this. The transgender community encompasses many ways of living our truth. If you're safe, supported, and living in a way that feels honest to you, that is a successful transition—whether it's visible to others or not.