Yes- Photoshop can draw masks just like AE using the pen tool and vector shapes. The difference for Photoshop is that instead of having multiple masks per layer, each layer can have one layer mask, but the layer mask can be manipulated just like any other layer. You can draw on it with, create multiple shapes on it, apply blurs and other filters to it, etc. There are also clipping masks which allow you to set one layer as a mask for another layer.
Look up layer masks (aka vector masks) and clipping masks in the Photoshop help files, and play with them a little bit.