Assuming you mean by the end of the second game having not played the first game then yeah.
There's an ending cutscene where Erim says that because she is the sinistral of death taking an action to save all those lives would have dire consequences on herself and then a little later it cuts to Lufia as a child with amnesia. I'd have to rewatch the whole thing to see if it's explicit or just implied but the connection is definitely there.
Then Maxim says something like "But you showed up here as Iris and Iris always helped." Then she tells Maxim how to stop the Fortress from falling on a populated location