Yes! Accelerated Mobile Pages are designed to speed up external AMP enabled articles on your Cloudflare enabled site. If you have a WordPress site and would like to make it AMP enabled there is a plugin available to do this automatically.
Once this plugin has been installed this can be tested by adding "?amp=1" to the end of your WordPress URL (For example: https://example.com/2016/01/01/amp-on/?amp=1)