No, column constraints are always based on the number of issues in a specific column of your board. The only additional decision you can additionally make, is whether you want to include subtasks in the issue count or not.
The reason behind this is that you have a number of people working on your backlog. You would not want more issues in progress than you have members on your team, as this would be synonymous to multitasking. And that is notoriously famous for slowing things down.
On a scrum or kanban board, a column usually represents a single step of your process. So that's why the limit is on issue count and not anything else. Note that you can limit your work in progress using story points in a different way: e.g. by working with sprints on a scrum board (where your commitment to a sprint is the number of story points you want your team to commit to) or by using the kanban backlog on a kanban board and only releasing the number of story points you want into your kanban process.
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