Yes, multiple users can make use of the spreadsheet at the same time, but they have to coordinate with each other to not edit the same items and overwrite each other.
For example, user A can search/edit products with category A and user B can search/edit products with category B, and that will work fine. But if they edit the same rows, they will overwrite each other.
Another option is to export the products to Google Sheets and all the users can edit their own part at the same time, and you can import the changes back when they finish.