Yes. In Create Audiences, on the Meta tab, choose the account and use the Suggest audiences (automatic) card. It reads what the account actually has and only suggests what you can create:

  • Instagram engagement over 7, 14, 30 and 90 days, plus profile followers;
  • Facebook Page audiences (likes and followers, visits, engagement, messages and saves);
  • people who watched 25%, 50% and 75% of the videos used in your campaigns;
  • website visitors and the pixel events that are firing;
  • 1%, 2% and 3% lookalikes of the best sources you already have.

Anything that already exists in the account (matched by name) is left out. Nothing is created automatically: Edit in the form only fills in the screen, and Review and continue shows the list of what will be created. Creation only starts when you confirm in Create Audiences. After you create the base audiences, they appear as sources in the next round of lookalikes.

Shortcut: in Meta Ads, Edit set → Audiences → Create or suggest audiences opens this screen in a new tab, already on the ad set's account.