Yes, indeed. Zoho Reports makes it easy to create reports on the data your application generates in Zoho Creator.
Refer to this link to know more about Zoho Reports integration with Zoho Creator.
Zoho Reports will continue to be offered as a separate Online Reporting and Business intelligence service focusing on enabling users to create powerful reports and do in-depth analysis of their data. To Zoho Reports, Zoho Creator is just another source of data on which it would enable powerful reporting through a tighter integration mechanism.