Yes. To do this, shoot the footage of your video project, taking care to speak clearly. When you are ready, go to "Preview" and then "Subtitles".
You have the option of automatically pre-generating your subtitles in several languages (English, French, Spanish, Portuguese, German, Italian, Polish, Dutch, etc.). If the automatic transcription was imperfect, you then have the option to manually edit the subtitle file.
Once the subtitle file is finalized, you can apply it to your video and select "I'm done" to generate your final video with subtitles.
Finally, once your mp4 video is generated, you can either export it as is with the embedded subtitles (i.e. "burned" as we say in the USA) or export the video and the subtitle file in .srt format separately.