Assuming that you do it what most people do, i.e. unlock bootloader, install TWRP then Magisk to obtain root, the answer is yes with some qualifications.
Your rooted Mi 8 Lite will continue to receive OTA notifications, and when you tell the phone to update, it will download the update then reboot to recovery to install it. However the first round will always fail, as the default download will be the incremental update which will check that you have a stock ROM before installation. As you have installed Magisk, this will fail so you will reboot back to system with nothing applied.
Now if you tell the phone to update again, it will download the full ROM package (usually >1.5G compared with the <0.7G incremental update). This time when the phone reboots to recovery, the update will be installed unconditionally and successfully. However, as this is a full ROM, it will overwrite the boot/system partitions (hence you lose Magisk root) and the recovery partition (TWRP gone too) with the stock versions. So on reboot to system, you get an updated stock phone. You will have to go through the installation of TWRP/Magisk again if you want root again.
You can make the re-installation of TWRP and Magisk easier by:
(1) When you have TWRP, boot into it and change the setting to NOT reboot automatically after running a script (which is what the OTA will do). Also make sure that you have a copy of the TWRP image and the Magisk ZIP somewhere on your phone.
(2) After the OTA full ROM has been downloaded and has updated successfully, it will return to the TWRP interface. At this point, install the TWRP image to the recovery partition, install the Magisk ZIP, then wipe the caches before rebooting the phone.