Yes, it is (at least in other cars; I can't speak directly to the M3 other than presuming it is similar to other vehicles in this respect). To greatly oversimplify, imagine a bicycle. Presuming that the front wheel is correctly installed and aligned, it is possible for the handlebars not to be secured in perfectly perpendicular alignment with the forward line of travel of the bike. The bike will travel forward, but the handlebars can be canted to one side or the other.
Cars are similar- the alignment of the steering wheel and the alignment of the actual wheels of the car are separate alignments; there's just more involved than a bolt or two in correcting a misalignment, sometimes.
e: Post #23 was added as I was writing the above. If true, I might just have to put up with an off-center steering wheel, but I'l find out at this week's service appointment. Other than a misaligned steering wheel, my car tracks perfectly.