Yes, pretty much every Inflatable PFD is designed like this. To give some indication, have a look at this model: Mustang Elite 38 and its owner's manual. (Note: this answer is not intended to be an advert, just an illustration of the concepts. I needed a specific model to be able to point out these features.)
Take note of the fact that in the photos, there is a mouth tube on the side, in addition to the CO2 cartridge. This allows you to add air after inflating, or to inflate completely without using the CO2 at all. On page 7 of the manual, we read:
- To deflate your inflatable PFD, reverse the oral inflation tube dust
cap and insert it into the valve (Fig. 8). The dust cap will not lock
the valve in the deflate position so it is necessary to hold it in
- Gently squeeze your inflatable PFD until all air or CO2
- Return the oral inflation tube dust cap to its stowed position on
the oral inflation tube (Fig. 8).
So we see that the tube can be used to deflate the PFD, and allow it to be put back in its flat and folded configuration. Pages 11 to 13 show us how to re-pack the PFD.
Note that the CO2 cartridges are one-time. Once the nozzle is punctured, the cartridge will release all of its pressure. Likewise, the trigger mechanism is broken in the act of pulling the cord, and if you have an automatic one, there is a tablet that will dissolve in water releasing the spring-loaded trigger, and thus need replacing. Most brands sell re-arming kits, and some dealers will do the re-arming for a nominal fee. Instructions are on pages 8 through 10 of the manual.
Finally, I think the strongest evidence that these things are designed for re-use, is the simple fact that all manufactures recommended annually testing them. Starting on page 16:
HOW AND WHY TO TEST YOUR PFD
Inflate your PFD and try it out in the water to:
- Make sure it floats you:
- Comfortably (When worn properly)
- Adequately for expected wave conditions
(Body shapes/densities affect performance)
- Make sure it works:
- A flow of bubbles should not appear (see "Inspecting your inflatable PFD" on page 14 for leak tests)
- It should inflate quickly and easily
- Learn how it works by:
- Activating the CO2 inflation system
- Rearming the CO2 inflation system
- Using the Oral inflation tube
Followed by instruction for how to do so.
I've owned at least one for several years, and each has been inflated multiple times, although so far only once in the water, and not using the CO2.
Having provided this answer, I absolutely do not recommend an inflatable style for your intended use-case. These are good for fishermen or sailors who desire more freedom of movement of their arms to handle nets, poles, sheets, winches, what have you. Foam-kapok style PFDs are often a little bulky or restrictive, and a folded-up inflatable is far less so. Further, these users only expect to inflate the PFD if they happen to fall overboard, and will subsequently lay still until their colleagues haul them back up.
If you wear this while inflated, it will be extremely bulky and very restrictive of arm movements. Further, rivers are full of sharp rocks and tree branches. While inflatable PFDs are made for rough wear, they are not puncture-proof. Finally, even though the test procedure suggests leaving it inflated for 24 hours to ensure it remains fully inflated, these do loose some air over time, and all the bouncing around will accelerate that.
Find yourself a high-quality foam-kapok Type III designed especially for your activity, and try it on for comfort before purchasing.