No, you cannot embed Amazon Affiliate product images in WordPress.
That feature is disabled. So, if you paste the embedded string into the code editor, it only displays the raw code when previewed.
For example, the following lines of code should have turned into an image wrapped in a hyperlink leading to the product.
<iframe style=”width:120px;height:240px;” marginwidth=”0″ marginheight=”0″ scrolling=”no” frameborder=”0″ src=”//ws-na.amazon-adsystem.com/widgets/q?ServiceVersion=20070822&OneJS=1&Operation=GetAdHtml&MarketPlace=US&source=ac&ref=tf_til&ad_type=product_link&tracking_id=wb019-20&marketplace=amazon®ion=US&placement=B0197GGTNY&asins=B0197GGTNY&linkId=b205d5cb7e4cb9ef013f4c14bf30c4d1&show_border=true&link_opens_in_new_window=true&price_color=333333&title_color=0066c0&bg_color=ffffff”>
</iframe>