Is it possible to trace existing JPG and PNG drawings

I was wondering if it Is possible to trace simple existing JPG and PNG drawings, (PDF)text or any handwriting files I saved on my PC or smartphone?

Not automatically but you can use the Photo option in the Draw menu to import the photo as a background to trace over.

By “trace over”. Do you mean by hand or is there an automatic way to do so?

By hand. There’s not an automatic way.