Why yes. BOTH 8-bit & 16-bit style sprites are different in terms of the following:
- How many colors are on each frame of the sprite.
- The number of frames of sprite animation that character has in that game.
- How the sprite follows the limitations of what enhancements the 8-bit or 16-bit game systems has.
So yeah, if you want to know more about the many differences between 8-bit and 16-bit styles, study what all 8-bit & 16-bit consoles & handhelds can do pixel art-wise.