Hi Doug,

Thanks for the question. The answer is a big ole Absolutely YES... and then some.
In the Motif-series Yamaha introduced the "CONTROL ARPEGGIO" concept, instead of arpeggios being limited to just Note flourishes you could record Controller messages like Expression cc011, Cutoff cc074, Pan cc010, etc and apply them via an Arp phrase directly to the sound you were playing.

Montage can do the same thing, plus Yamaha expanded this concept into what are now called Motion Sequences. A Motion Sequence is like an arpeggio without notes, it can be virtually any parameter you wish to automate.

For an introductory article to Motion Sequences see this:

Motion Sequences