With a 'speed density'(MAP) efi system, that's a big no, with a MAF efi system, it's a kinda sorta.
The speed density/MAP systems use manifold pressure/vacuum to guess at the airflow through the engine, so if you increase overall flow, the manifold pressure won't change, and it doesn't realize it and doesn't inject the correct amount of fuel.
A MAF(mass air flow) system measures the actual flow through the engine, so it CAN compensate for SMALL changes. If you change to a slightly bigger cam or put headers on or change the intake, it will notice and inject more fuel to compensate for more air, up to a limit. You can't take an ecm originally designed to run a stock 305 and put it on a fire breathing 383, it won't like you. Even if it will compensate for your mods, there is still be power to be had with some good tuning. I believe the 3rd gen MAF can read a maximum of 255 grams/sec, which is roughly 300-350 hp if I remember correctly.