Nope, although I had to just go to confirm it again. With 8.1 update, you only get close and minimize, along with letting it show it running in the taskbar. Windowed option only exists when running it with ModernMix.
Great discussion here: http://winsupersite.com/windows-8/windows-81-update-1-modernmix. Key quote:
There's just one problem: When you switch to a Modern app from the desktop, it still runs full-screen, and you can't see the taskbar or any other running mobile apps and desktop applications, let alone the Windows desktop. I reported previously, however, that Microsoft will be adding the ability to run Modern mobile apps in windowed mode on the Windows desktop. (See "Threshold" to be Called Windows 9, Ship in April 2015 for more about that important release.) So by the time Windows 9 hits, we should have a more complete integration between the desktop and Modern apps.
However, you may also recall a wonderful little utility from Stardock called ModernMix. (If not, check out two of my posts, Windows 8 Tip: Run Metro Apps in Windows on the Desktop and Windows 8.1 + ModernMix for more information.) That tool lets you run Modern apps in windowed mode on the desktop right now.
With 1.14 beta, the upper windows title bar mentioned in the article disappears - just the windowed option remains.