Nope that's not possible, but there is a workaround to achieve the functionality, a change in the directory structure will be required. Before reading any further check out the similar question here How to set environment related values.yaml in Helm subcharts?

The above scenario can be achieved with the following directory structure:

test-umbrella - Chart.yaml
      - values.yaml
      - requirements.yaml
      - charts - test-dev - Chart.yaml
                           - values.yaml
               - test-prod - Chart.yaml
                           - values.yaml
      - templates - deployment.yaml
                  - _helpers.tpl
                  - secret.yaml

The chart dependencies should be defined like this: requirements.yaml

dependencies:
  - name: tesy-dev
    repository: "file://charts/test-dev"
    version: ">= 0.0.1"
    tags:
      - dev-values
    import-values:
      - data

  - name: test-prod
    repository: "file://charts/test-prd"
    version: ">= 0.0.1"
    tags:
      - prd-values
    import-values:
      - data

Parent chart's values.yaml file should contain values like this:

values.yaml

# Default values

tags:
  dev-values: false
  prd-values: false

And then finally you should install it with the following flag --set tags.dev-values=true

In umbrella chart you must be having a parent values.yaml file. If you define your keys there, then the values of subcharts will be overwritten by it.

So you can have a values-dev.yaml outside the subchart to overwrite the internal subchart values.

Moreover you should have all the values that can be changed accordingly due to environment in the parent charts values.yaml so that they can be overwritten easily.

Please check best practices and flow of execution https://helm.sh/docs/chart_template_guide/subcharts_and_globals/