Yes, but you have to introduce another bookmark in the source document and the result won't behave the same as a normal hyperlinked reference.
Create your cross-reference in the source document. That should create a field something like this:
{ REF _Ref303672260 \r } (There may be a \h in there as well)
Select that field and insert another pair of field codes around it (e.g. using ctrl-F9 on Windows versions of Word. So you have
{ { REF _Ref303672260 \r } }
Then type "SET myref" after the initial { so you have:
{ SET myref { REF _Ref303672260 \r } }
(Choose a suitable name instead of "myref".) Select those nested fields and update them. There should be no visible result. In the target document, use
{ INCLUDETEXT "c:\\directory\\subfolder\\source.docx" myref }
As a final observation, some types of eidt to the source document may destroy the _Ref bookmark - e.g. if you delete the referenced paragraph and re-insert it. In that case you will need to insert a new cross-reference in the source document and use that to modify the _Ref name in your nested field (Or recreate the nested field). Alternatively, you can insert your own bookmark name (say "_mymark") somewhere in the paragraph you want to reference, and use that, so you have
{ SET myref { REF _mymark \r } }
i.e. the bookmark name does not have to be system-generated for the \r switch to work.