Yes and no. Defensive boosts from engineering are considerably higher than offensive boosts, and in practical terms it's fairly common for a pair of ships to be unable to destroy the other due to ammo limitations or shield regeneration rates. Even more practical in a wing vs wing fight where healing beams can keep both sides at full shields forever.Is it possable in game now for 2 players to build ships so well they do little to no damage to each other.
Shields don't regenerate while taking damage - however, the faster ships are sufficiently hard to hit that they're not going to take continuous damage.I'm not sure on this but I think shields may not regen while they are taking damage. Could be wrong but if so it wouldn't be possible (ignoring a limited ammo pool)