No.
you open up two projects, copy from one, paste into the other. Works similar to Premiere, but not quite the same. Only issue in V4 is that titles won't copy over properly. You'll have a replicated title in title slugs.
I believe this is exactly what people were looking for when they said they wanted "nesting" before V5 came out. My understanding is that Premiere has a feature where you can place another timeline within a project, then edit the "nested" timeline directly. I've done something similar to this in larger projects by make each section its own project and assembling the parts in a larger one. If I want to make any tweaks, I just change the specific part and re-render.
Yes, that's nesting. Choosing between nesting and multiple copies, I'll take multi-copies any day. So I can work in one, capture in another, rendering in a third.