Yes of course it is, but it has to be a ferry boat or bigger, not a sail boat. And you obviously pay to pass, but check the paying part. All I know is all ships (especially) cargo, that want to pass have to pay. So most probably yes, you do pay.
@janbb , Umm actually I did say it can be something as big as a ferry boat, but a sail boat is not big enough.. And with all due respect I think I know what I’m saying – I live there. :)
Well, your answer is not at all clearly worded since you say yes but then say it can’t be a sail boat which is what the poster is asking about. It just doesn’t make sense to me in the context of the question, so maybe you could clarify what you mean. Or maybe it’s my brain that is muzzy; if so, sorry. A private sailboat is not going to be as large as a ferry, of course, but I would think they could go through the canal. Maybe not.
@Luiveton Just to follow up, a Google search on sailboats and the Suez Canal showed many books, sites and references to the passage including this one. Maybe there is some confusion here in terminology.