Depending on the arithmetic, it seems that yes it can! I've noticed gcc using LEA instructions for arithmetic of the form (x * a + b), where 'a' and 'b' fit with the instruction.
Using LEA (load effective address) for calculation seems to be pretty common in most programs for both gcc and llvm. You basically get smaller code, and it used to schedule them better across more execution ports. Not sure if the CPU can fuse the ADD+MUL now.
posting for anyone wondering