Hello, there are a few variables but in general, yes. Let's say you have one long clip on a single track with a problem in the middle somewhere. Highlight the clip (dark blue) and put the playhead on the beginning of the spot to replace. Press the 'S' key and see a line splitting the clip. Repeat that process for the end of the spot to take out. Click on the newly created "middle" (problem area) so it's highlighted. Your good parts on either side are not highlighted. Press the Delete key and the old part is removed. (from project timeline; it still exists in the clip file itself. Practice where the cuts land; Undo is available if you decide that you cut too much or too little.
Then the matter of replacing presumably the same type of clip once that should likely be recorded before you make the cuts above so that you get a feel for the timing of the edit you're making. Once you have the replacement section how you want it, this will either fit exactly into the space created or you'll need to push the "after" section to the right a bit to make room. You might also apply Transitions to your "splice" points to make it smoother (or less noticeable)