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Yes, but it's... funky.
I use cross-references in InDesign documents, all the time. It's exactly what you're looking for; you put a Hyperlink Destination on whatever it is you need to refer to. You can choose a Page, an URL, or a Text Anchor. I always choose a Text Anchor, and if I need to refer to an illustration I always group the illustration with a caption and put the text anchor in the caption.
I do this because InDesign's method for handling hyperlink destination is, once again, funky. And when I use this word I do not mean "a good beat" but "it smells bad." Because summoning a list of hypyerlink destinations just gets you a list - you can't Go To Page or whatever, and if you chose a unique name for a Page Hyperlink Destination it's pretty much up to you to keep track of it, InDesign won't help you. If you choose Text Anchor you can actually see it in the text. (Assuming you have Type -> Show Hidden Characters turned on.)
Once you've set up your Hyperlink Destinations, you can Insert a Cross-Reference. It is a formattable variable that you can point to any Hyperlink Destination.
Unfortunately, cross-references really only work well when they're within a single file. Cross-file cross-references (for example, from one InDesign chapter file to a different chapter file) are a major performance hit, and make ID basically unusable.
So yes, there's a way, but it's not great. If you need a method that is great I'd suggest looking into DTP Tools' Cross-References Pro plugin for InDesign. I'm not related in any way to DTP Tools, I'm not even a customer myself, but 100% of the people who have bought the plugin on my recco have been very, very pleased with its performance.