Yes. You can package for Android 4.x and desktop AIR runtimes.
To complement the IDE, the introduced several mobile-optimized Spark components that significantly improved the look and feel of mobile applications: flash builder 4.6
PSA: Flash Builder 4.6 still works (with a little effort) flash builder 4.6
I recently had to resurrect an old Flash Builder 4.6 project for a client. Here is what I learned getting it to compile again: flash builder 4.6
A zombie IDE for zombie projects, but it works when you need it.