Yes.  While you are working with the cell range you can do whatever you
want with the text formatting:

Sub ScratchMacro()
Dim oColS As Long, oRowS As Long, oColE As Long, oRowE As Long
Dim i As Long, j As Long
Dim oTbl As Word.Table
If Not Selection.Information(wdWithInTable) Then
 Exit Sub
Else
 Set oTbl = Selection.Tables(1)
End If
If Not oTbl.Uniform Then
 If MsgBox("This table contains merged or split cells which may result
in erratic results." _
    & " Do you wish to continue?", vbYesNo, "Irregular Table!") =
vbYes Then
   With Selection
     oColS = .Information(wdStartOfRangeColumnNumber)
     oRowS = .Information(wdStartOfRangeRowNumber)
     oColE = .Information(wdEndOfRangeColumnNumber)
     oRowE = .Information(wdEndOfRangeRowNumber)
   End With
 Else
   Exit Sub
 End If
End If
Set oTbl = Selection.Tables(1)
For i = oRowS To oRowE
 For j = oColS To oColE
   With oTbl.Cell(i, j).Range
     .Text = "TEST"
     With .Font
       .Name = "Arrial Narrow"
       .Size = 18
       .Bold = True
     End With
   End With
 Next j
Next i
End Sub