Yes. The limit was originally introduced by Satoshi in Bitcoin v0.3.7 in July 2010:
if (opcode > OP_16 && nOpCount++ > 200)
return false;
However, because the expression uses a postfix operator, the condition checks what the value of nOpCount was before it was incremented, and this allows it to go up to 201.
Satoshi later noticed the mistake and corrected it in Bitcoin v0.3.12 in September 2010:
if (opcode > OP_16 && ++nOpCount > 201)
return false;
He apparently didn’t think this small mistake was worth making another change to consensus rules (even though consensus changes were a normal occurrence at the time – according to BitMEX Research there were at least 6 in 2010 alone), which is why the limit remains at 201 to this day.
