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I have limited experience with the Data Import Wizard but I'm curious if it allows me to create new accounts and contacts from a single csv import.

Rather then importing accounts from a csv, capturing the new SFDC accountID, updating the contacts csv file with the accountID and importing the contacts csv.

Can that be consolidated into a single csv with account and contact fields and imported through the data import wizard?

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Yes, the account and contact import wizards can create and update accounts and contacts in a single pass. There are two types of wizards, one for administrators for all users, and one for regular users with permission to import records under their ownership only.

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