Yes you can modify nodes that are added to the DOM dynamically just like you can any other node.
var target = document.querySelector('div');
new MutationObserver(function(mutations) {
mutations.forEach(function (mutation) {
Array.prototype.forEach.call(mutation.addedNodes, function (node) {
node.style.backgroundColor = 'red';
});
});
}).observe(document.querySelector('div'), {attributes: true, childList: true, characterData: true});
target.appendChild(document.createElement('span'));