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Quick Answer - Not quite.   MC has sequences and you can add another sequence to a current sequence, but not in the form of containers (all tracks of a sequence condensed into one "clip" that can be stepped into).

DStone:

You can also enter a container and manipulate the pieces that make up the container, and then step back out to the main timeline.

The rendering flow is for each frame, go into the container. If it has an embedded container, keep recursing down till you get to a clip. Render the clip in the lowest container (with it's effects), then render any effects on the container. Step out and render any effects on that container, etc.

The closest MC comes to this is the capability to "nest" effects by stepping into a current effect on a clip, placing another effect, adjusting it, and then stepping back out. The up and down arrow keys on the timeline toolbar are used to step in and step out. There are basically three main methods for nesting:

1) Arrow keys to step in and step out: This will nest a second effect underneath and constrained by the first effect. For example, stepping into a PIP effect and then applying color correction. This will result in the color correction being applied ONLY to the PIP image and not effecting the background.

2) ALT dragging an effect on top of another effect - for example, applying color correction to a motion or timewarp clip. Note that you cannot step into a motion effect and nest underneath, you must nest on top.

3) Creating a multi-layer composition of effects, marking a region with the desired tracks active, and using the collapse function. This will combine the selected layers into a single layer with a "sub master" effect, which you can still step into and out of to access all the original layers intact. This is very useful for getting a clean, global transition from a multi-layer effect composition to a single master clip or vice versa.

You can nest up to 24 layers in a single clip on any video track. Nests on upper tracks will affect and constrain nests on lower tracks. At this current time, in audio, only a standard EQ effect can be nested onto another audio effect. Full nesting capability for audio is a long standing features request.