Yes

The director purposely left the movie's interpretation ambiguous. It could easily be interpreted allegorically just as well as literally.

An allegory is a work of art, poetry, literature, film, etc that can be interpreted to reveal a hidden meaning, typically a moral or political one.

If you search google for different analysis and explanations of the film then you will find a trove of sources of different critics interpreting the film to have deeper and hidden meanings.

Some examples of potential hidden meanings:

1. From an article on vulture: In one sense, Steven’s sin is America’s sin. He lives in a beautiful house, with a family that, from the outside, appears perfect; he works in a hospital that exists in the lens of Lanthimos’s camera as nothing less than a cathedral to science and medicine, an assembly of nave-like hallways, spired lobbies, and MRI altars. Martin comes to collect the price for this luxury and lack of accountability.
   

2. From an article on theatlantic.com: To be clear, The Killing of a Sacred Deer is a drama, and a grisly one at times. But it’s infused with Lanthimos’s unique way of looking at the world, which he populates with characters who speak in a robotic, detached manner. Though Sacred Deer makes more of an attempt to resemble real life (The Lobster was set in a heightened dystopia), it’s like a warped version of a scary story told to children around a campfire, a cautionary myth in which a seemingly perfect family comes up against an inexplicable force of darkness.
   

3. From the Washington Post: Martin, who at this point seems part god and part demon, serves a role that is more allegorical than literal, in a story that gradually becomes a meditation — or, rather, a howling cry — on the impossibility of justice and atonement, and the tenacious grip of guilt. At one point, after Martin has bitten Steven — and then bitten himself to show parity — he says, "Do you understand? It's a metaphor. It's symbolic."
   

The director has commented on the movie's ambiguous meaning -

"I never try to analyze too much why am I saying this and what does it mean," he said. "I do to a certain extent, because otherwise things would be incoherent and I don't want that either. But I try to be as instinctive as possible and as spontaneous as possible, from the inception of what the idea is, to what the script is, to where you're making the film and the people that you choose."

Lanthimos allowed that part of the initial idea for "Sacred Deer" had to do with a young boy taking over control of a successful, older person's life, and from there, "Much of it came out of the logic of how do you create a situation where it's also ambiguous about who is responsible for what, and what is just, and how far are you willing to go, and can you blame any of the parties involved, and do you feel for any of the parties involved? To create an impossible equation with an impossible answer, basically."

Given this information, it would not probably be prudent to argue too much over what the allegorical interpretation should be or what it was intended to be. But the point is that you can definitely view the film as being an allegory, meaning it can be interpreted to have deeper or hidden meanings.