Dynamic/calculated field in ArcGIS Pro via Arcade expression?

In an ESRI video called Getting to Know Arcade, the presenter states that dynamic/calculated fields are possible via Arcade expressions.

How many of you have ever been in a
situation where you had a dataset … where you needed a new column of data because you wanted to have [calculated values]?

…But you had to go and make a new column and calculate the
values into that column.

With Arcade, you don’t have to do that
anymore; you can do it on the fly.

Arcade will look at whatever
columns you’re sourcing from, do whatever calculations or
string manipulations you need to do, and then return the result without the need to change your schema.

This sounds promising, but it’s not clear what platforms the functionality pertains to.

Is it possible to create a dynamic/calculated field in ArcGIS Pro that is populated via an Arcade expression?