Yes, but there is very little control a user actually has as far as defining what the JPG algorithm will actually 'do' to the source image.
Sure, PS may be able to 'predict' what the final file size is 'likely' to be - but, if memory serves me right, it doesn't actually 'change' the in-memory, and on-screen, image to reflect what the image would look like if it was saved and then re-loaded.
Which is, in fact, all that is actually needed to 'check' the JPG compression settings in the first place. 14 years of experience saving JPG images has taught me that there really is very little to be 'seen' as far as saving with different compression factors - for 14 years I have tended to always save just using the same factor!!
Every so often I choose to save with full-quality (usually for some very specific reason, like when it is actually the JPG file-type I need, not the reduction in file size) and, conversely, sometimes I compress very hard, to minimise file size (although, in reality, far better file-size reduction can be achieved by compressing less, but by reducing the pixel count first, again something that PI does very well)
The point I am trying to make is that you don't 'need' PS to be able to achieve this task - and this is an important point that others, who might not already have PS, need to be aware of. Fine, if you already have a $400 investment in PS, you may feel inclined to justify that investment. However, I take the other stance - my investment in PS was about as useful as my investment in Enron
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(I still tend to use Corel for every other type of graphics manipulation that I cannot achieve in PixInsight, and don't even have my copy of PS loaded in any of my machines).
To me, it seems like using a sledgehammer to crack a nut, if you have to output an image, through some intermediate process (to be able to get it loaded into PS) if you then only use PS to convert it into a JPG. Sorry, I am not trying to offend or upset anybody, I just know that - for me - the process is FAR easier to achive within the confines of PixInsight.