Yes, either it’s a search you make on the couch, your current location or a past destination. All you need is to enter the Details screen of the place you wish to save.
To pinpoint a specific location on the map just tap and hold for 2 seconds. You can open its Details by tapping on the name card below or sliding it up.
From the Details screen, tap the star icon when the star icon is filled it means it's saved, and can be found at Favorites. Tap it again to unsave it.
You can even customize the saved item with a name of your convenience.
Find out how you can change/delete a saved location.