The online Oxford dictionary of English offers the following definition of episode in the context of broadcasting.
Each of the separate instalments into which a serialized story or radio or television programme is divided.
‘the final episode of the series’
So the answer is ‘yes’. Broadcasting media have a ‘librarianship’, where programmes that are not one-off or daily are for reference purposes divided into ‘series’ and ‘episodes’. An ‘episode’ is a single broadcast made as part of a series.
We tend to think of it as part of a continuous drama. There is a good historical reason for this. The Greek theatre was divided into:
‘theatron’ (auditorium, though literally it means the place for watching);
‘orchestra’ (the circular place where choric dancing took place;
‘skini’ <σκηνή>, from which we get ‘scene’, which started out life as some sort of tent in which the actors could change, and on which the tragedian Sophocles first painted ‘scenery’.
‘eisodos’ or ‘entrance’ (one on each side) along which both chorus and actors could enter. So an ‘episode’ was a coming onto the scene, in which one or more actors advanced the plot.
That is how we got the word episode to mean a relatively self-contained portion of a serialised drama or novel.
That is where the confusion arises. The word ‘serial’ is well established for broadcasts like Eastenders or The Archers. But ‘series’ are something slightly different. In BBC IPlayer listings, these are identified by date of first broadcast. This is true of any daily or weekly broadcast, without a pre-determined last date.
Dramas and documentaries with a predetermined end point get listed by series number and episode number.
Confusing? Yes, a little. Serials without a predetermined last episode are catalogued by date. Serialised novels and dramas are listed by episode.