The short answer is: yes. Hinduism is not theistic but rather pantheistic.
A little more explanation would be that in Hindu theology, Brahma initiated creation by creating the four Kumāras. However, they refused his order to procreate and instead devoted themselves to Brahma and celibacy. So Brahma then proceeded to create from his mind ten sons to be the fathers of the human race. But since these ten sons were born out of his mind rather than body and could not procreate they are called Mānas Putras or mind-son spirits. So then Brahmā had nine sons and one daughter born from various parts of his body which bore all living things into a cycle of rebirth and death vying for caste, according to karmamarga (e.g. Karma [sacrifice]) within Brahma's emanations. It is within caste that Braham's emanations impart the divine. In your example, cows are higher in case than insects so get more attention from Hindus who aren't actually worshiping the cow themselves but rather the greater measure of the divine in them than say insects have received.
This actually gets very deep and one could spend a few decades going over all the nuances of the false worldview we call Hinduism.