Yes. Notion has a built-in formula property for databases.
You can calculate values from other properties, use conditionals like if, and, and or, format output with colors and styles, and reference related databases.
Example:
if(now() > Due Date, "Overdue", "On track")
Formulas work in database properties, buttons, and automations. On Business and Enterprise plans, Notion AI can also write formulas for you from plain English prompts.