Yes and no.
The YLabel property of the axes is a handle to a text object, and you can set the Position property of that to move it around, but that can get a bit messy if the axes changes because you're both trying to control the same position.
The traditional trick here is to add an extra line to increase the gap:
ylabel({'My Label';' '})
You can fine-tune that by using tex interpreter (or latex) commands:
ylabel({'My Label';'\fontsize{24} '})
