Re: Yes but
OpenWRT comes immediately to mind. I think their kernel on most architectures isn't that much more than a few meg.
Debian on i386 has a kernel that on its own is only about 3MB. The driver modules occupy 81MB, most of those aren't loaded unless required.
If your storage is a 256MB SD card or flash chip, then I can see why 81MB is a problem. Most users haven't had this problem for about 20 years.