Yes, via conditional formatting
A simple example:
Suppose we want cell A1 to be auto-formatted:
(with font in red/bold, fill color in yellow, outline border)
if the value in A1 exceeds 10
Select A1
Click Format > Conditional Formatting
Under Condition 1, make the settings:
Cell value is | greater than | 10
Click Format button, then format to taste ..:
Font tab: red/bold
Patterns tab: yellow (fill color)
Border tab: Outline
Click OK
Click OK at the main dialog
Test it out by inputting a couple of values into A1
to activate the conditional formatting