Yes, the main part of the game still revolves around creating your own character and playing alongside the Iconic Characters of the DC Universe like Superman, Batman and Wonder Woman (or Lex Luthor, The Joker or Circe if that’s your style).
However, once you get a few levels in, you get access to Legends, which allows you to play AS the Iconics. You can play as Nightwing (or say, Bane) in Bludhaven, as Supergirl (or General Zod) in Smallville or as Green Lantern (or Atrocitus) in the Oan Sciencells. You can even play as these characters in PvP.
Lots of options, lots to do.