Yes, but the issue is that most people really think 'modern setting' when thinking of low fantasy.
The only type of fantasy I ever wrote is factually low fantasy, but I think it would be detrimental to both me and potential readers to classify it as low fantasy. Readers would not get what they are (most likely) looking for. If low/high fantasy genres were separated, I think my only options would be to alter my stories to be closer to high fantasy and fit that category.
But I don't have a better option to propose for genre (except that I would personally prefer to keep only one fantasy genre, but I know it's a busy, kind of clogged up genre).