Tool modes have been a cornerstone of xTalks since HyperCard 1.0, and LiveCode is no exception.
LC has more tool options than HC, because HC had no vector graphics.
The Pointer tool mode first premiered in SuperCard in 1989, and was in MetaCard's first release in 1992. It's been there ever since.
The only limitation in LC is one of IDE design philosophy: their IDE often traps Pointer tool messages without passing them for your app to use. I've discussed this with various team members over the years, and while we've explored a wide range of options for moving beyond this IDE limitation, given the relatively few apps that deliver custom drawing environments it's been a low priority.
In short, yes, Pointer is among the tool options available via the choose command, even in standalones.