Yes it can. My script here does something similar, though it doesn’t put the year in the album name:
The thing to remember about Picard, it will expect to match your releases against those in the MusicBrainz database, so you’ll need to spend some time making sure everything matches up at first.
Otherwise, most taggers and player software these days offers filename scripting. In my personal experience, MusicBee, Foobar and mp3tag all have this capability. Foobar is kind of the granddaddy here, Picard and mp3tag both base their scripting language off Foobar’s.