Not really – you can steam it a bit to set it, but you can’t really do the same sort of elasticky stretching out like with lace anything-else-but-acrylic sort of thing…
It doesn’t block like wool, but you can steam it with it pinned out, and that will relax the sts, open up the pattern and be permanent, unlike wool which has to be blocked everytime you wash it.
You could use slightly (like, half a size if not a quarter) bigger needles to help open up the pattern, maybe? A lot of lace patterns depend on that “opening up” of the yarn to look right…