Yes. Just as in English, you use bidh = will be for a continuous action, and the simple verb for a one-off event
Bidh mi a' cadal I will be sleeping
Cadlaidh mi I will sleep
I don't think the simple future would be very common in either language, unless, perhaps, you meant you would have no chance to sleep until Thursday. I am not sure I have ever actually heard cadlaidh mi.
As BhauliyaMoss has just pointed out, the bidh construction has a second meaning as it is used for a habitual action, as confirmed by Joanne above, but you really need an s on the end as it does not mean just one Thursday
I sleep on Thursdays