Yes, it can. Hank Pym himself repeatedly has mental stability issues thanks to exposure to the particles.
In one of the most (in)famous parts of his character's backstory, at one point Hank (having taken on the Yellowjacket role at the time) screws up bad, and comes up with an insane plan to redeem himself. He sends a robot to attack the Avengers, building in a secret weakness so he can fly in and defeat it. When Janet (Wasp, his wife) tries to stop him, he strikes her.
It's interesting to note, though, that not everyone who experienced prolonged exposure to the particles went crazy. In addition to Hank, both Janet, and Scott Lang's daughter Cassie, absorb so many Pym Particles that their body begins to naturally produce them. As far as I know, only Hank suffered any mental health issues. (One obvious explanation is that the particles only serve to exacerbate a problem that already exists.)