Not really. Maybe. Sort of. Morphing's not easy. And there is huge range of opinions about what morphing really is.
There may be some plugins from, say, FxFactory or CoreMelt that would do what you want. Spend some time viewing the hundreds of free tutorials on youtube and at Ripple Training. Fox is a major Motion wonk and he may have some other guidance for you.
I have used AE since it was CoSA. Pretty much gave it up two or three years ago because we just weren't doing that level of effects work any longer.
Caution: Motion is not a replacement for After Effects. The difference in cost between the two is directly proportional to the differences in the capabilities of the programs.