Yes. If putting siding on top, you just need a 3/4"+ to 1" hole to the junction box - remember to get one with enough volume to hold the connections.
I like to ensure there is enough material next to the box to securely hold the camera with longer screws ( example, stud on one side of the box - and use longer screws on that side only )
Log siding. Would like to see the finished result.