Yes, with the caveat that full BIOS/UEFI support sometimes lags hardware releases by 6-12 months - out of the box most Chromebooks can only boot ChromeOS. Pretty much all the Chromebook firmware work to support 3rd-party OS' is done by one guy, see his page here: https://mrchromebox.tech
I run Arch on a cheap Chromebook for some tasks at work, I've generally been satisfied, and will probably buy another one eventually. I think if I was spending $500+, I'd just buy a Windows laptop and reformat it though - way more choices, and they tend to be upgradable.
It's also worth keeping in mind most Chromebooks must be disassembled to remove a firmware write-protect screw in order to flash new firmware. The one I have requires removing the battery/keyboard/etc - more than just popping off a small panel on the bottom.