Yes. You can choose between LD (lower definition) and HD (high definition) resolutions on your smartphone.
To change the definition you are viewing in, in live view, select the LD/HD button at the bottom right and choose the definition you wish to view in. High definition provides additional clarity at the expense of higher data consumption. It requires a strong Internet connection on both the camera and your smartphone's part. Because of this requirement, users often find that selecting lower definition allows for a smoother video stream.