Insert line break in wrapped cell via code

Yes. The VBA equivalent of AltEnter is to use a linebreak character:

ActiveCell.Value = "I am a " & Chr(10) & "test"

Note that this automatically sets WrapText to True.

Proof:

Sub test()
Dim c As Range
Set c = ActiveCell
c.WrapText = False
MsgBox "Activcell WrapText is " & c.WrapText
c.Value = "I am a " & Chr(10) & "test"
MsgBox "Activcell WrapText is " & c.WrapText
End Sub

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