Yes, with a Bulk creation feature you can create multiple ad sets and ads at once. The final number of ads depends on the number of different options you input for each field when creating a creative set.

For example, if you choose 1 audience split by 3 locations (3 audiences), 2 creative sets one of which contains 3 different pictures, 2 different text versions and 1 URLs, 1 display link, 3 headlines (3 ad sets with 32113=18 ads each), and the other one contains 1 video, 1 text, 1 URL (3 ad sets with 111=1 ad each) at check-out you will get 6 ad sets and = 57 (54+3) ads.

Learn more about bulk creation here.