Yes, but the program's original purpose is less... wholesome, even though it's entirely possible to make perfectly clean images with it, like so:
Still, if you Google "着せ替え2" and the top result is NSFW... well, that's not my problem.
It initially loads with the main nine K-On girls (HTT, Ui, Jun, Nodoka, and Sawa) already preconfigured, but all the different options you can set make it somewhat versatile; people have used it to make
Nichijou characters, for example. Every now and then there's an /a/ thread about it.
Right now clothing options are the most limited, though the creator does seem to be updating it semi-regularly. Saved images don't carry over when it updates, though, so you may want to take a few screenshots to remind yourself what the settings were if you make something particularly memorable.