No, module settings are for the instance of the feature, if you put the same instance of a feature on different pages it is still the same instance and will use the same settings. Not all features even support re-use on different pages, blog for example does not support this.
However, what you can do is use a Feed Manager instance on multiple pages. In the Feed Manager you can add the feed for the blog and you can configure the feed manager to only show an excerpt and links that go to the blog posts.
Hope it helps,