Max,
The short answer is "yes, but...". You can do hardware in the loop simulations with SystemModeler (WSM). A typical example is human inputs can be sent in real time to a real-time model running in WSM.
As a more advanced example, We used WSM to control a motor-driven system as a demonstration at the Wolfram Conference. A team of interns at my company wrote code that used machine vision to track a ball and controlled a WSM model hooked up to motors to run the hardware. The video of the presentation is here - jump to 3 minutes to see the project. The slides can be downloaded from this page -- search for SystemModeler.
To be more helpful, please give more details of what you want to do. Normally, WSM models run on a full computer but they can interact with embedded processors and the models have a built-in interface that allows the running model to be externally controlled (locally or even over ethernet).
Are you looking for WSM to code for you (such as MATLAB's embedded Coder?) or do you want part of your model to run on a computer and part on an embedded processor?
What portion of the system do you want to run in WSM? Just the motor and have the inputs to the motor come from an external processor (or run on the embedded processor)? With more detail I can be more helpful.
Regards,
Neil