Yes, but the two features are gated separately by the Modifiers Settings value (Meals Modifiers module) unless your plan is Base, Pro or Enterprise (which unlocks both regardless of that setting):

• Meal notes need Modifiers Settings = Notes or Notes & Recipe Swaps.
• Ingredient swaps need Modifiers Settings = Recipe Swaps or Notes & Recipe Swaps.

So with Modifiers Settings set to plain Notes, you can type notes but the swap picker won't save a swap (and vice-versa for plain Recipe Swaps). Each meal row has a modifiers button that opens Meal Notes / Meal Modifiers, where you can type notes, choose Ingredient Swaps from the recipe's allowed swaps (with their price changes), and use Split Quantity to split part of the quantity into a separate row with different modifiers. If you enter an invalid split you'll see "Please select a quantity to split that is greater than 0 and less than current quantity."