Yes, there are several ways to approach that.
WP-Members does have a premium extension available for subscriptions – WP-Members PayPal Extension. This applies expiration dates to the users. This extension can be integrated with WooCommerce through a connecting script so that you are only using the expiration date part of the extension but relying on WooCommerce to handle purchasing.
https://rocketgeek.com/plugins/wp-members/extensions/wp-members-subscription-module-with-paypal-integration/
The upcoming 3.2.0 release of WP-Members will include a new feature that allows you to create membership “products.” This can be site access or other things (they are extensible), and they can use expiration or not. This will give some flexibility and customizability to integrating with WooCommerce.
Lastly, certainly you can customize a process using the WP-Members documentation and it’s filter and action hooks. The wpmem_securify filter determines if content will be served to a logged in user or not. That could be dependent upon if they have purchased a product or not.
https://rocketgeek.com/plugins/wp-members/docs/filter-hooks/wpmem_securify/