Yes, you can create and add a new record as a parent using the Lex Lookup component. Follow the steps below:
- Go to the record page where you want to create and add a record.
- Click on the Lex Lookup component and select New Account (the object may vary according to your requirement).
- 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.