Yes! Aside from g, you can also use the p flag to tell sed to display any modified lines.
Another flag that you can use with s is e. This allows you to run shell commands every time sed replaces a word. For example, you can run the following command to run touch every time it finds the word "hello" in the file: sed s/hello\\ /touch\\ /e hello.txt.
Lastly, you can also use the i flag to tell sed to be case insensitive when looking for matches. This is useful if you want to match the same word but with different case styles. For example, the following command will replace the word "hello" with "welcome" regardless of its case: sed s/HELLO/welcome/i hello.txt.