You can, but it doesn't help when your next hand is exactly the same, or the opposite problem. There's been times I mulligan down to 1 card and see nothing but land the entire way through. Probably in the same match, the opponent mulligans down to 3 cards just to get 1 land.
It's bad enough that my friend group casually accepts having to "concede" 2 or 3 times just to get a decent match going.