Yes - although “technically“ Opi is the “diminutive“ form (less formal). Our family used the differences to distinguish between sets of grandparents - Oma/Opa for my father‘s parents, and Omi/Opi for my mother’s parents.
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It means Grandpa
My father is from the Netherlands and is fluent in both Dutch and German. Opa also means grandfather in Dutch. Oma means grandmother in both Dutch and German.