Yes.
$ sed 's/\<Hit\>/OK/g' file
asdasdasdHit Hitasdasd OK OK
Hitasda OK OK asdaHit OK OK
OK Hitasda OK
...
...
The \< will match a zero-length word boundary at the beginning of a word, and \> will do the same at the end of a word.
The zero-length-ness of \< and \> means that they won't match any character in and of themselves, but forces the adjoining pattern to match on a word boundary.
A word boundary is a point in a string where an alphanumeric character is adjacent to a non-alphanumeric character, such as the point between ␣ (a space) and H and the point between t and ␣ (another space) in the string ␣Hit␣, or the point between the t and the immediately following newline on all three
lines in the example data.
With GNU sed you may use \b in place of \< and \> (though it also understands \< and \>):
$ sed 's/\bHit\b/OK/g' file
... but BSD sed doesn't understand \b.