Yes, if the same belt drives both the AC and power steering, the AC pulley acts as an idler. When the AC compresser needs to be driven the clutch engages and provides rotation to the compressor.
If the belt is slipping over a non rotating pulley the belt will either burn or break. Sometimes both.
Once the belt breaks it will be difficult, but not impossible to steer the car. I’d advise against it myself. The belt might also drive the alternator.
If you can post the year, make and model we might be able to determine what belt drives which accessories.