Hi
It depends what you mean with “wrap around”.
There are no built in settings for it but you can try aligning the image. The image needs to be placed in the content between the paragraph blocks.
For example, you may have a long paragraph at the top, then insert an image and align it to the left or right. Then the next set of paragraphs will be aligned to the left or right of that image.
Then you can continue the text below the image.
<!-- wp:paragraph -->
<p>For example, you may have two long paragraphs at the top. For example, you may have two long paragraphs at the top</p>
<!-- /wp:paragraph -->
<!-- wp:image {"id":50,"width":"88px","height":"auto","sizeSlug":"large","linkDestination":"none","align":"left"} -->
<figure class="wp-block-image alignleft size-large is-resized"><img src="link" alt="" class="wp-image-50" style="width:88px;height:auto"/></figure>
<!-- /wp:image -->
<!-- wp:paragraph -->
<p>Then insert an image and align it to the left or right.<br>Then the next set of paragraphs will be aligned to the left or right of that image.</p>
<!-- /wp:paragraph -->
<!-- wp:paragraph -->
<p>Then you can continue the text below the image.</p>
<!-- /wp:paragraph -->
