Yes. When you're editing your Hub, you will see arrows, up, down and left-right. If you hit the left right arrows the box shrinks to half-width. then hit the up or down arrow, depending on if the text box is above or below, and the boxes will merge. Now your image will appear next to the text.
To see an example, you can start a new hub and one of the options shows Text at the top, the a text/photo side by side, then comments at the bottom. Load that, and play around with the formatting a bit.