Yes. Then in blueprint, you manipulate the audio component to do whatever you need - change the cue, set the volume, change the soundclass or audio mix etc.
You can have multiple audio components on the actor as well - so you could have one for music, one for ambience, and one for SFX. You then mix between them however you like. I think by default they all auto activate so you’ll likely hear every audio component when you start playing. You can deactivate them in blueprint, or just set the volumes to 0.
For example in my weather controller actor, I have 9 audio components, each dedicated to a particular type of sound cue (wind, rain, snow, loops, one shots etc). It could be done with less, but it’s a nice clean way to know what is playing where, and how. I then use timelines to lerp between the audio components as needed.