Yes, Script Studio has a Writing Mode Toolbar for Script, Novel or Regular mode.
When you select Script Mode Script Studio automatically formats your script to industry standard screenplay format but you can customize the way it works via Format > Elements.
The Elements window allows you to select a template such as stageplay, musical or TV Script and then customize the paragraph margins, shortcut key action, text style and page breaks for the selected template elements.
You can also select a different template for a new project via File > Project Chooser.