It's called quick manage, but you bet. It's an option that can either be found on the pre-game "launch screen" or in-game in the pause menu. You can advance it play by play, or skip whole sections of the game. You can also jump back into the on-field action at any time.
One thing to keep in mind - The "simulate half inning" prompt on the regular quick manage screen is there to allow the user to move quickly through the game while still retaining control of the decisions. To allow the CPU to pull pitchers and call for pinch-hitters, you need to use the fast forward option which will take you to all of the specific "sim-to" options.
Oh, and counts are simulated under the hood. When you sim ahead, it goes by at-bats. If you want to control individual pitch decisions, you have to use manage mode (which is something else entirely).