Yes! BP Business profile allows the site admins to create the businesses using the WordPress backend.
Plugin provides a Business CPT. Navigate to WP Dashboard > Businesses, to view the business listing.
Click the Add New button to create a new business.
Now fill in the Business Name, Business description, and select the Category of your business.
Now publish the cpt and view it.
Further settings
of the business can be managed via front end (Setting Tab)