Is it possible to "format!" a &str / String in Rust?

Question

Is it possible to format!() a &str or a String in Rust?
Something like that:

pub fn main() {
    let format_str1: &str = "Hello {}!";
    let result_str1: String = format!(format_str, "Jack");
    // -- OR --
    let format_str2: String = "Hello {}".to_owned();
    let result_str2: String = format!(format_str, "Thomas");
    // ...
}