In a way, but at the moment no, we have no way of producing even really weak muscle like structures, let alone something way stronger than could move armor.
If we had a strong suit, that could carry thousands of pounds, but be human sized, you could carry around a lot of armor, and potentially be protected from all kinds of things. It might take a lot of energy but if it was a really powerful exoskeleton you could carry your power source, say even an engine, maybe a hydrogen fuel cell, with you. But since replicating human muscle has proven difficult, inefficient, and expensive, the idea of having a large suit capable of carrying around something, let alone something that could replicate the strength and dexterity of just a normal human arm, is pretty far in the future.
The advantage, in my mind, would be armor. 2 inches of steel all over your body could pretty much stop .50 cals and armor piercing 40mm grenades; more if it was high strength steel, which would be easily possible. 2 inches is about 5 cm, and steel has a density of about 7.85 grams per cubic centimeter. The human body has about 2 square meters of surface area; compensating for areas you could just smooth over (say, your ears), and for overlapping segmented joints, you'd likely be at about 2 square meters or so.
5 cm at 2 square meters = 20,000 cubic centimeters x 5, or 100,000 cubic centimeters, or 785 kilograms, or about 1700 pounds. For just 2 inches of steel which only provides moderation protection and couldn't say, stop an RPG or other armor piercing rounds. Granted with some slat armor and explosive reactive armor you could likely stop one but the point is, for a soldier to be defended against modern threats (something like 1/3 terrorists have an RPG or something) you would need a ton of armor, super heavy, and not really available at the moment. Even if t was the same strength as Kevlar it would be 345 pounds for a full body suit. But, if you could say, idk, lift 20 times more than your average human, so your legs could easily carry 200 x 20, or 4000 pounds worth of stuff, or your body weight like you were walking, with ease, then 1700 pounds of armor suddenly becomes easy to do. And so basic protection if you're smart from land mines, ak-47's, IED's, and indirect hits (or direct hits if you use slat armor and some more intelligant stuff) becomes possible. I guess you could have .50 caliber machine guns for hands or carry around a lot of anti-air or tank missiles, but they're expensive and would result in a lot of casualties.
But money isn't the issue so much as even being able to do it.
So far we have nothing with the dexterity of strength of a human, let alone a gorilla or something 100 times stronger.
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