Yes. In the Meta Ads Editor, next to the text field, the Generate with AI button creates copy suggestions in the tone of the ads already running in your account. It reads your website, your active ads, and the selected media.

You choose whether to generate 1 or 5 suggestions. The credit estimate is FREE and appears before you generate. You are only charged for actual usage, never for the estimate. After generating, approve the suggestions you want and apply the ones you chose to the ad (including to the text variations).