Yes and it doesn't require any extra work... Meraki handles it all "Auto Magically"... Under Site-to-Site VPN you just chose your type of VPN and what local networks are in the VPN.
@Network-dad is correct if you're using AutoVPN.
If you're using third-party tunnels, between devices that aren't in the same organization, you can set the tunnels using the dynamic IP... but you're going to have to update that config as the IP changes over time.
For the normal IPsec VPNs you'd need to use some kind of DynDNS but the good news is that Meraki MX's automatically have a build-in DynDNS service. You don't need any external services for that:
But AutoVPN would be easier if you're building tunnels between MX's in the same organization.
Edit: I forgot you can't use FQDN when configuring IPsec Site-to-Site VPN in MX's.