Yes. This can be done using native Windows commands like diskpart, bootsect and copy (xcopy).
Here are the guides that cover the topic exactly:
https://www.starwindsoftware.com/blog/how-to-create-bootable-windows-server-2016-usb-thumb-drive-for-installing-os
http://itproguru.com/expert/2016/05/create-bootable-windows-server-2016-usb-thumb-drive-for-installing-os/
Hope this helps.