NO. The moths EAT the felt..and it's not really moths. Usually it's silverfish.
You can "shave" the surrounding felt and glue the fuzz in the hole, or you can recraft the hat by removing all the liner, sweatband, ribbon. Turn the hat inside out and reblock it and start from scratch.
That is why I have said in my post re: Ebay purchases, ALWAYS ASK about moth or insect damage. You can't fix it. Everything else can be replaced, the liner can be cleaned, sweat band replaced, ....... but you can't plug the "bullet" holes. Felt can't be "rewoven" like suits and coats. During the felting process, you end up with a hat body which has to pass quality inspection. All "thin spots" or uneven felts are discarded. So, you see, once the felt is eaten, you have to live with the damage.
The final issue is this: how bad a bite. I have some vintage hats with TINY nibbles that you have to get real close to see. I also received a hat with 17 bites, 7 of which were completely thru the felt (actual holes vs. dimples).
If you have a minor nibble that can be covered up with replacing the ribbon to a wider one, or if the damage is on the underside...then it's ok. Nobody will notice.
We all have pristine hats, and then lesser ones in our collections. It's the name of the game.