YES !

1. Select placemark, folder etc
2. Copy to clipboard (Ctrl+C, Ctrl+X)
3. Paste into Notepad or other text editor (Ctrl+V)
4. Change KML text. You can use Search+Replace, Undo etc commands.
5. Select text and copy to clipboard. You can select part of text, if it correct KML
<folder>...</folder>, <document>...</document> etc. If you copy KML with error, then it is simple not pasted.
6. Paste into GE. Enjoy!
Great professional feature!
Thanks.