Not really, and this is a distinction some European languages make that English doesn't (consider German "sich" vs "selbst"). In this case, selv means "by herself" rather than "for herself."
Quick check to make sure I understand properly.
Han lager frokost selv - He is making breakfast himself. Han lager selv frokost - he is making himself breakfast.
Er det riktig?
Your examples are identical in meaning.
Han lager frokost til seg selv, or han lager sin egen frokost. He is making breakfast for himself. He is making his own breakfast.
I tried "She is making herself breakfast" with the example above and it was not happy.
She is making herself breakfast = Hun lager seg frokost = Hun lager frokost til seg selv. The breakfast is just for her and she makes it herself.
She is making breakfast herself = Hun lager frokost selv = Hun lager selv frokost. She is making the breakfast (participants not mentioned).