Yes, you can steep our quality teas up to at least 3 times! That is the part of value of quality teas. You still get flavor after 2 or 3 steeps. So, your “cost-per-cup” might actually be lower than for lower quality teas that lose their flavor after the 1st steep.
This photo of Genmaicha with Matcha shows the color in each steep – 1st, 2nd and 3rd. 1st steep has the most bright green color and full flavor, and it decreases in additional steeps. But, surprisingly, the flavor in 2nd and 3rd steeping tea has still pretty good flavor and color – and you still get more of the nutritional value.