Yes.

With that being said, just a few clarifications: by "it" I mean existence-consciousness (i.e. existing subjectivity) which we all are taught to refer to as "I am", and which we are, almost without exception, trained to associate with our seemingly separate individualities. But it can be verified by self-realization that that "notion of I-ness" stems from us being the actual absolute truth, ontological primary, God, Tao, Buddha nature, etc. Keep in mind that those are all just words denoting the exact same, that is, all-there-is (which, moreover, cannot be expressed in unambiguous terms due to the limitations of language).

You can then imagine humans (and basically all other phenomena) as ocean waves. Or ripples. Or whirlpools. Within that analogy, we are water that experiences itself as gazillion of different forms, interacting with itself, and so on. In terms of psychology, sentient forms (i.e. life) could be loosely associated with awareness and non-sentient forms could then represent sub/unconscious processes (which can be brought to awareness nonetheless).

So, it's not sum total of consciousness permeating space, consciousness is all there is. Everything, starting from space, through fundamental forces, to all the complex forms "arises within" it. Thus, no matter how "out there" it may sound, when I'm talking to you, I literally talk to myself. Not in a metaphorical way and despite both of us being clearly distinct, unique individual humans.

Naturally, scientific description of the "ocean waves" is hands down the best we have so far. Waves, however, can neither describe nor reveal what the ocean is. Hence, the importance of self-realization which basically bypasses the apparent body-mind duality, ensuing “hard problems” with consciousness, and reveals the underlying non-dual nature of reality (which we/I are).