Yes, a custom formula can create dynamic links within TBM Studio table cells which will link to Coupa invoices (assuming your Coupa installation has enabled web view of invoices, normally protected behind user authentication).
Usually this means one column contains the Coupa invoice number, which can then be dynamically inserted (either in that same column, or in a nearby column which perhaps says "Link to invoice") as part of a hyperlink definition.
A similar example:
Link = "<a href=""https://ourcoupa.com/contracts/" & {PO to Contract Master Data.Contract ID} & """>Click for contract</a>"