Hey @newengineerhere,
Yes, you can, but within certain constraints. The methods available to specify whether traffic is tunneled back to a hub or not are IP destination based for the most part. When you set up AutoVPN you would configure your hub to advertise known networks to your spokes. If a host at the spoke sends a packet and the destination matches a network the hub is advertising then it's tunneled back. If it doesn't match it'll head direct to the Internet.
And with AutoVPN you can do split tunnelling, which is what I describe above, or full tunnelling, which is where an default route is advertised from the hub which in turn matches all traffic.
The other technique available is on the spoke itself. In the AutoVPN config you specify which networks are "In VPN" which is what I said above about specifying which networks are advertised (in this case which networks the spoke advertises to the hub), but this has a dual purpose in that is also specifies which LAN subnets are allowed to send traffic into the VPN at all. If a network is not "In VPN" then any traffic sourced from that VLAN will never be sent through the VPN ever (which makes sense since the hub would not have a route back so therefore could never forward return traffic anyway).
So, that's a bit of a long winded way of saying that yes, you can specify which traffic is in the tunnel or direct to the Internet, as long as you can do it based on known subnets. What you can't do is set up a spoke such that all traffic is tunneled back to the hub except for o365 (for e.g.), send that direct to the Internet.
Hope that helps!