Yes—some lights can cover both uses, but there are two common cases.

1. Studio strobes with modeling lights: Most mains-powered studio flash units include a built-in modeling light. This is a continuous lamp used to preview shadows and light placement, and with more powerful units it may be usable for some video, still life, or wide-aperture portrait work. Keep in mind the modeling light is often weaker than the flash and may have a different white balance.

2. Speedlights with a modeling function: Some flashes offer a “modeling light” mode that rapidly strobes for a few seconds so you can preview the effect. That is not true continuous lighting for video.

If you specifically want the same fixture to switch between true continuous output and flash output, that’s less common in standard photo lighting. Specialized machine-vision or product-lighting systems can do this, especially for macro or product work.

So: yes, in practice via studio strobes with modeling lamps, but if you need strong, color-matched continuous light and flash from one unit, you’ll need to look carefully at specialized systems.