Yes, that's actually the biggest reason this is such a cool announcement! You just need to download the model checkpoints from HuggingFace[0] and follow the instructions on their Github repo[1] and and you should be good to go. You basically just need to clone the repo, set up a conda environment, and make the weights available to the scripts they provide.
[0] https://huggingface.co/CompVis/stable-diffusion [1] https://github.com/CompVis/stable-diffusion
Good luck!