Yes, commonly, particularly to groomsmen. A pocket knife is a lasting, useful gift at a sensible price and it suits a group of people with different tastes. The one thing to plan for is the superstition about gifted blades, which is handled with a small coin taped to each box.
It solves the group-gift problem: useful to almost anyone, available at a consistent price across a set, and it lasts far longer than most alternatives. A knife given at a wedding is often still in a pocket a decade later.
Traditional patterns suit a formal wedding; a clean modern folder suits most others.
Order the whole set together so they arrive matched and in one parcel, and so the whole order counts toward the free-shipping threshold. Order well before the date if you want engraving, which adds lead time wherever it is done.
Keep the order confirmation in case anything needs to go back. See returning a gift knife.
The superstition holds that a gifted blade cuts the friendship unless the recipient returns a small coin. At a wedding, where you are gifting to friends by definition, it is worth the five cents.