Yes, like in the PC version, you can activate some cheats. Just click on them, at the bottom of the menu when you're in construction mode (click on the red flag).

• Infinite Ammo - No ammunition limits for Cannons, Flamethrowers, Crossbows, etc.
• Invincibility - Joints cannot break (but can flex and stretch).
• Explosive Cannonballs - Cannonballs explode like Remote Grenades on impact.
• Zero-G - Disables gravity.
• God Hand - Pull objects by dragging them with your finger.
• Ignore bound 

Beware, you won't be able to complete a level if you use them, they're only here for fun!