Yes. The Tag Manager allows you to merge or bulk delete tags.
To merge tags:
Select two or more tags using the checkboxes on the left.
A Merge Tags button will appear in the top right corner.
Click Merge Tags.
Give the new merged tag a name and click Save.
All content previously tagged with any of the merged tags will now carry the new, unified tag. The old tags are automatically replaced.
To bulk delete tags:
Select multiple tags in the Tag Manager.
Click the Delete button.
Confirm deletion.
This tag will be removed from any content.