Yes, many streaming/server companies allow this type of networking. If you’re happy with Bluesound, you can get a Bluesound Vault and use that in your dungeon to store and serve your files. Your Node can go upstairs and act as an endpoint for that stereo.
Depending on the type of investment you have in your system, you may consider other audiophile streamers/servers. Aurender for example has its own networking capabilities and performs at a much higher caliber than Bluesound, delivering improvements such as clarity and soundstage size. I am an Aurender dealer that used to own a whole house full of Bluesound gear, so those are the two I have most experience with. That said, there are lots of other options on the marketplace, such as Roon and Roon-enabled devices, etc.