Sure, have a look at the following screenshots.
This playlist consists of three albums, violin concertos by Brahms, Beethoven and Mozart.
With no group by setting, the grouping tag "Violin Concerto" shows Brahms' cover.
When grouped by Composer, it keeps showing the same cover for all three groups.
But if you select Beethoven, the actual album in the main panel is different from the cover shown in thumbnail browser.