My question is, can each device in a multisig setup have a different derivation path?
Absolutely.
The derivation path tells your software how to turn a seed phrase in to an extended private key and extended public key. So if you use m/49/0/3, this tells the wallet to derive the extended key at the 50th index, then use that to derive the extended key at the 1st index, then use that to derive the extended key at the 4th index. This final extended key is the xprv/xpub used in your multi-sig wallet.
It doesn't matter if every seed phrase in your multi-sig uses a different derivation path - each one will end up with an xprv/xpub which are combined to create your multi-sig. In fact, the wallet does not even need to know the derivation paths at all. Indeed, there doesn't even need to be a seed phrase in the first place. You could just generate an xprv directly from some entropy source.
As long as you feed it it the same xprvs/xpubs, it will always generate the same addresses, regardless of where these xprvs/xpubs came from.