Yes, but you need to select 2 or more channels (busses) by holding down the shift key, then right mouse click and select "Group Selected Tracks" and give them a name. A group icon will be seen just above the level indicators.
After that you can click on the new name of the group where it used to say "none" and rename or add/change channels to a group.
You can also do a similar procedure on the track headers in the song page