Yes, and it is as simple as pasting the link into the publisher box.
When you paste the link into the publisher box, you will see a loading icon in the upper right area of the box. This means it is fetching the information to embed the content from the link into the content area of your post. One you successful create the post, it will place this content into the post. If it is a Youtube or Vimeo video, it will embed the video using the default video player, so people can watch it directly from your post.
If it is a blog article, such as a wordpress post, it will embed the featured image, and the title and excerpt into the content area, as well as the source and will link the entire area to the content provided.
Sometimes you may need to wait a moment for the preview to show. Sometimes links don't have previews because they have failed to provide the needed meta tags to create the preview. You can still post these links, however a preview may or may not be provided upon post creation.
Please wait... it will take a second!