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Technically, yes. Markdown was always intended to be used for creating HTML and thus allows you to use HTML inline (with some minor caveats, see: https://daringfireball.net/projects/markdown/syntax#html).

If you rename a .html file to .md, your markdown viewer should render it just the same as your browser did.

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Markdown was a hype in late 2010s that has cooled down due to chatbots.

In turn, chatbots pump up markdown by making it the default output format.

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I've felt the opposite. With MD being the preferred planning+documentation output for LLMs, the time of "hype" seems to be now. It seemed just a few years ago that devs hated writing properly formatted markdown.
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