Yes. EmailMerge lets you preview emails as part of the EmailMerge Wizard. The Preview shows you exactly how the email will look when it is created... including all personalization, formatting, attachments etc.
To Preview your emails, click the Resume EmailMerge button on the ribbon or toolbar after you have edited your email.
For more sensitive emails, (instead of previewing) you can also choose to have EmailMerge create the emails for you but NOT send them out. The emails will be created in the Drafts folder. You can then view them from the Drafts folder and send them out individually.
You can also use the Batch Send feature in Email Merge PRO to send out multiple emails from the Drafts folder: