Yes, you can create and add a new record as a parent using the Lex Lookup component. Follow the steps below:

  1. Go to the record page where you want to create and add a record.
  2. Click on the Lex Lookup component and select New Account (the object may vary according to your requirement).
  3. For new record creation, add the necessary details and click on Save.

Once saved, the new record will be created successfully and added as a parent record.