Yes. The argument is that even if executives are legally bound to maximize shareholder value and nothing else, that they are not in violation as long as they do that, and that this does not necessarily imply that they need maximize the dollar value of shares because there are other types of value that matter to shareholders (e.g. whether the corporation's outputs kill all humans, etc).
That said, an executive taking this approach would be taking on some risk with this approach as it's, er, not exactly guaranteed that a court would see things this way.
The fact that corporations happen to use dollars as a medium of exchange for shares of their ownership is a separate issue and not really relevant to the question of whether "shareholder value" can include non-monetary outputs.
Illustrating this point, I can imagine an organization designed to maximize the amount of tacos sent to its shareholders, and that manages the sale of its shares in donuts.
