In a word, No. Especially if your camera is a Nikon.
I copied the following from my SB-700 manual.
Functions to Be Set on the Camera.
The following functions are available when used with cameras so
equipped. Set these functions on the camera. They cannot be set on
the SB-700 directly.
For detailed information regarding camera functions and settings,
refer to the camera user’s manual.
Auto FP high-speed sync
High-speed flash synchronization at a compatible camera’s highest
shutter speed is possible.
Auto FP high-speed sync mode is automatically set when the shutter
speed exceeds the camera’s highest flash sync speed.
This is useful when a wider aperture is required to achieve shallow
depth of field to blur the background.
Auto FP high-speed sync also operates in Advanced Wireless
Available flash modes are i-TTL, manual flash, and distance-priority
I highly recommend this flash unit. Excellent value.
Thanks for the reply, Dave. I'm confused though with: Auto FP high-speed sync mode. Is the problem that one can't set the flash for it, or that it doesn't work? Just a bit confused. Thanks!