Yes, this example uses a multi-line text attribute in the pop-up:
Here's the map: https://onlinelabs.maps.arcgis.com/apps/mapviewer/index.html?webmap=3d43005b39934795a6aa05b0bead93d3
Toggle all layers off except for Text from one field.
That map is covered in Pop-ups: the essentials.
You can also stack multiple text blocks to create more separation, or can use HTML formatting in the text block editor to customize things further.
If that's not what you are after, then yes - Arcade does have text functions that you can use to format things as you like, or you could even use an Arcade element to create the desired pop-up.
See Arcade text functions.