Yes, you can pause a running ad at any time. It'll stop spending on your budget and stop showing on Meta until you resume it.
How to pause
Open the Link your ad is on, head to the Ads tab, and toggle the status in the Status section to paused.
Resuming
Flip the status back to active, and the ad picks up where it left off. Heads-up: if the ad's been paused for a while (2+ days), Meta may treat it as a new start, and you'll hit another short learning phase.
Pause vs cancel
Pausing is temporary and keeps the ad's budget and setup intact. Canceling is permanent and refunds the remaining credits. See the "Canceling and refunds" article for the difference.