Yes, there's extract (Ctrl-Shift D)
extract (Ctrl+Shift+D)
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Create child node from the selected body text. 1. If the selection
starts with a section reference, the section name become the child's
headline. All following lines become the child's body text. The section
reference line remains in the original body text. 2. If the selection
looks like a Python class or definition line, the class/function/method
name becmes child's headline and all selected lines become the child's
body text. 3. Otherwise, the first line becomes the child's headline,
and all selected lines become the child's body text.