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Documentation for integrating Wagtail into an existing Django project is here: http://docs.wagtail.io/en/stable/getting_started/integrating_into_django.html
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Yes Totally possible here is a guide on how to do specifically that.
Integrate Wagtail into existing Django project
You will have a wagtail backend to manage the content of say your blog page and the existing django admin will stay the same. This is kind of helping to managing the content easily which is essentially what CMS is for.
This blogpost is for managing the backend with wagtail and frontend is HTML(Jinja)/css you would have to look into how it will be relative for you using ReactJS but if you want one app(this blog app) to be served just using HTML and css and not in react workflow this can work as it is for you.
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