Yes, it's possible to recover files from a formatted drive on Mac. If you didn't save new files to the drive, there's a good chance to get the lost files back. However, if you've already saved new files to the drive, some of the data may have been overwritten and become irrecoverable.
I suggest you use iBoysoft Data Recovery for Mac to scan the formatted drive. It can find the files that are still recoverable and allows you to preview them for free.
It's a reputable data recovery application that's capable of retrieving all types of files, such as photos, documents, videos, audio files, etc, from formatted external hard drives, USB flash drives, SD cards, and other storage devices, regardless of the drive brand.
Besides, it also supports all macOS versions after OS X Yosemite and is compatible with Intel-based and Apple Silicon (M1, M1 Pro, M1 Max & M2) Macs.