Live component preview

I am interested in using the Figma API to build a product. My question is whether the API can generate a live preview of individual components or groups of components, rather than pages or frames.

For example, if I were to create a management tool for product development specifications, I would like to be able to link it to a specific component in Figma.

Could you please let me know if this is possible with the Figma API? Thank you.