Yes. Cabbage worms and Tomato Hornworms are two well known examples of caterpillars that are known as pests. The hornworms become a very large and impressive butterfly.
One of the common methods of controlling these is to encourage predatory or parasitic wasps to live in your area. Many species of wasp hunt caterpillars to
feed to their growing young in the spring. Beetles and
ants will attack and eat anything from eggs to the slower moving adults. And then there's the preying mantis. I actually think I like those as much, if not more than the butterflies.
I'm not loosing out on all butterflies. I'm just loosing out on having a huge amount of any one species. No monoculture in my air space. In most areas of my
yard I have a broad variety of host plants. If I stand in my yard for ten minutes I will see at least three different species of butterflies.