Yes

Virtually all quality Registrars allow you the ability to forward your Domain name to your Hosted WordPress site.

As an example, let's say you own (or might later register) the domain name www.teamthug.com

And let's say your Website is a WordPress Hosted site is www.nostalgiadragracers.com/teamthug

You can set your domain name (in the manage domain names at your Registrar) to forward everyone who enters your domain name to your web site. With the masking option, it will convert the actual site URL to use your domain instead.