Hi @Anonymous,
Yes, you can use one condition to judg whether this item is modified or created.
If add one new item it is created,if you change the content of one item it is modified.
I have use one SP list and create the flow to test as the screenshots.
Fistly,create the SP list as the data source and trigger.

Secondly,create the flow using the condition: Modified is equal to Create
If Yes, output:item created
If No, output:item modified

Then modify or create the item in the list to test:
When I create one new item:d

the flow output:item created

then change the title "d" to "c",

the flow output:item modified

Hope this can be helpful.
Best wishes,
xyz