For now no. I believe it also functions as a camera countdown timer, but that's it. None of the reviewers said it could be used as a notification light. Maybe in future updates?
"the camera cutout will indeed function as the notification light. It will be automatically colored based on the notification. I, along with a couple other Ambassadors, learned this from a Samsung executive after the Unpacked event in San Francisco. There will be a software update that will enable this on or slightly before launch"