Does Exodus 15:11 hint at the possibility of existence of lesser gods?

We read in Exodus 15 how Moses and the Israelites sing a song praising the Lord who defeated the Egyptians. In verse 11 we see the words “Who among the gods is like you?” Of course, the Israelites had been aware of the worship of pagan gods that the Egyptians were doing. However, did they acknowledge the actual existence of such pagan gods? Note that the Ten Commandments had not yet been given in writing to Israel at the time of the song. Is it possible that some Israelites worshipped lesser gods apart from the True God Yahweh? My question therefore is: Does Exodus 15:11 hint at the possibility of the existence of lesser gods? Inputs from scholars of any denominations (please specify) are welcome.