Yes, you can use the texts from your product catalog such as product names, prices, etc. within Creative Designer.
From the "Add Dynamic Fields" dropdown menu, you can choose whichever dynamic field you'd like to add to the creative. You can scroll down in the menu to find more option than the presented ones below.
After you added the fields, and made necessary changes, you can see the preview of the creative on the right side of the page. You can choose placements from above of the preview of your ad.