Yes, lots of ways - it's a fairly fundamental technique.

Depending on the image, you can use PS's selection tools, like the smart selection tool to select the area you want to isolate, then with it selected, hit command/control-J to jump the selection to a new layer.

You can also use the Extract command in PS.

However, there is only one "proper" way to do it, and the pros will tell you this, and that is to manually trace the edges with the pen tool to create a path around your object. You then convert the path to a selection and jump it up to a new layer as before. There are technical reasons why the Pen tol is the best way of doing it, but it's not necessarily the quickest. Again, it really depends on the task as to which tools and workflows you choose. It's best to get a feel for all of them.

It's probably something you'll find difficult or tedious at first, but the more you do it, the quicker and easier you'll find it.