Yes. If I recall correctly lateral raises are an assistance exercise featured in the original 5/3/1 book and of course many powerlifters have done them for size.
Just as an aside, although I have no interest in participating in powerlifting and am not much of a fan, some of the most successful powerlifters ever performed all sorts of isolation/bodybuilding exercises or even did full routines that closely resembled bodybuilding routines, with exercises such as calf raises, flys, lateral raises, lat pulldowns, dumbbell rows, and so on.
If I were to do 5/3/1 strictly, I would simply use lateral raises like any of the other assistance exercises or considering they’re hardly taxing, you can just do them at the end of a workout. Although I actually have 5/3/1 (it came in the mail last week) I have not gotten around to reading it, I did the standard 5/3/1 program for awhile a long time ago.
So an upper body day could look like this:
Bench press: 5/3/1
Dumbbell bench press
I haven’t seen anyone of any strength with alright form use so much damn weight for this exercise and it’s not an exercise in which enormous progress in weight can be made.
I never did them regularly and I am not fond of them considering the risk to benefit ratio. I know there are some people who love them and have lifted a lot of weight with that exercise, but I don’t see it offering anything a front press or dumbbell press can’t.