Yes. The wiki has a topic on Cover Art.Use Display View when you listen. MC can automatically switch to it if you set the options under General > Behavior.Right click on Display View for choices.
Where do you add a back cover image? The only image field I see in audio in Image File?
I guess you need to select both audio and cover art files and then for example right click --> playin order to start playing the audio and covers as a slideshow.