Yes. Also you can use the script of the transaction to embed some text as Satoshi Nakamoto have done in the genesis block of Bitcoin.
PUSHDATA(65)
[0496b538e853519c726a2c91e61ec11600ae1390813a627c66fb8be7947be63c52da7589379515d4e0a604f8141781e62294721166bf621e73a82cbf2342c858ee]
CHECKSIG
Read more here:
https://en.bitcoin.it/wiki/ScriptThat's not how Satoshi put text in the genesis block. The text was put in the coinbase (aka scriptSig of the coinbase transaction), not in an output. Many miners still do this today, usually to identify who mined the block.