Uhm, nope, well yeah, but not really. A lot of times it's 'greyed out' for some reason and you will need to press right mouse button, go to Properties and there somewhere you can find 'open file location'.

It would have been awesome if we could simply right click anything and click 'go to file/folder' instantly.

Same for installing and un-installing things, why not add an uninstall option to right mouse clicking?