Yes, artists who are signed to labels have released music on Sound.
Provided you have written approval from your label, you can upload your songs to Sound. Note that you must also own all the rights in the music composition and sound recording to upload on Sound (or have written approval from other rights holders). Ultimately, it is your responsibility to check that you are able to upload the song.
You can specify the Credits & Splits when uploading to distribute earnings from your Sound drop to other collaborators on your release. They will need a valid wallet address to receive funds, and earnings will be automatically distributed according to the percentages that you input.