No, this isn’t possible for collection projects. Currently the taxa have to be entered one by one. But there is an existing feature request to use an associated taxon list for filtering collection projects: https://forum.inaturalist.org/t/filter-collection-project-using-taxon-list/6470
For traditional projects, you can, and here’s what that looks like:
But you will probably want to use a collection project since you don’t have to manually add observations to it.