[Mr70]

Yes.
The original Assembly line Center cap,also used on 1969 SS Chevelle-Elco-Camaro-Nova,& 70 SS Chevelle-Elco-Nova,was a 1/4 deep center cap.
The Shallower 1/8 cap was a later,(1976?) design.This is the design GM is currently issuing today.
Although there are knock offs of the 1/4 deep cap available too.