I believe so. I just ran a simple sub-routine (for a quick way to achieve a "long" program), and had two tools used.
Here is code:
G00 G90 G53 Z0.0
T1 M06
S1000 M03
G00 X1.0 Y0.0
G00 Z1.0
M97 P1000 L100
G00 G90 G53 Z0 M05
T2 M06
S1000 M03
G68 X0.0 Y0.0 R180.0
G00 X4.0 Y0.0
G00 Z1.0
M97 P2000...