Yes. See "Process Substitution" in "man bash". It works great, e.g. with diff (or meld):

  # diff -u <(echo $'one\ntwo') <(echo one)
  --- /dev/fd/63  2020-08-13 16:14:44.449379498 +0200
  +++ /dev/fd/62  2020-08-13 16:14:44.450379506 +0200
  @@ -1,2 +1 @@
   one
  -two