Yes, the recessional speed of a distant galaxy relative to your galaxy is more or less just the sum of the recessional speeds of pairs of adjacent galaxies in a straight line between them. They are just added up, with no "velocity addition formula" involved, so for sufficiently distant galaxies, the sum will exceed $c$. The value $c$ has no special significance when talking about this kind of speed.
If you lived in a very sparsely populated universe, with no cosmological constant, in which the nearest galaxy to yours was moving away at special-relativistic speed of 90% of $c$ (special relativity is approximately valid here because the matter density is so low), then the cosmological recessional speed of that galaxy actually wouldn't be $0.9c$, but around $c \tanh^{-1} 0.9 \approx 1.5c$. The reason is that it's still calculated as a sum of relative speeds of a bunch of imagined intermediate stopping points, and the sum is a straight sum, not special-relativistic velocity addition. This gets you what's called rapidity in the context of special relativity. Despite the recessional velocity being $1.5c$, you can reach that galaxy by accelerating up to around $0.9c$ and coasting. If there's another galaxy beyond that one with the same relative speed, then its cosmological recessional velocity relative to your home galaxy is around $3.0c$, but you can reach it from your home galaxy by accelerating to around $0.994c$ (the special-relativistic "sum" of $0.9c$ and $0.9c$) and coasting.
In the real world, it appears that there is a positive cosmological constant, the expansion is accelerating, and sufficiently distant galaxies are actually unreachable. But this has nothing to do with their current recessional speeds as such. In a universe without a cosmological constant, you can always reach arbitrarily distant galaxies regardless of their recessional speed.