Yes you can, it should tell you in the manual. If not have a look at the pinnacle website lots of stuff on there also try the forums as well. One site that has some useful tips is
here
You've been able to do it since the start of studio many years ago, basically you use an image as a title and set the time for how long it will display before fading into the next pic etc. I think (don't know) as I don't have studio 9 +, still on 8, but it can also do slide shows.
A good bit of kit (when it works!!)