It depends, but yes. Screen recording has worked under Wayland for quite some time now.
Spectacle used in example isn't very good at screen recording, but it's the best I can manage with the size cap on Lemmy.
You'll likely have to do some configuration.
I'd recommend using OBS-Studio and Pipewire, as well as checking the AUR for patched versions if needed if you happen to be on Arch ofc.