Yes you can, you can import them as xref's
go to Insert tab, find Reference section, and click insert, then find your image file and click open, then choose from the standard positioning options and away you go!.
you can also access the xref manager by typing xref into the command line.
hope this helps.
as far as i am aware the only isssue you may have is that the file size will increase as you add more photo's.
i have worked on drawings with 10+ large photos and had no problems at all.
Semantically only DWG files are XREFs. There are operations, not just Ataching/Overlaying/Binding, etc, that you can only do with xrefs.
Everything else (Images, DGNs, PDFs, DWFs, etc) are considered Underlays. We still tend to call them xrefs though.
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