If you're talking about the obvious app that sits where you can't miss it on the home screen, the answer is no. Luckily, that's not the only photo slideshow tool that comes with Windows 8. You just have to know where to find the other one.
Let's look at both of them.
The Modern Interface app
When you click the Photo tile on the Home screen, you get to pick from several picture libraries, including the one on your computer (which I assume is the one you want). From there, you can browse folders and zero in on the photos you wish to view.