Yes it is possible and not in just way only.
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By using subPages. You assign your other control (say, a note) to browse to your next sub page, where your initial control will behave completely differently,
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By using custom Value Variables. This is a bit more complicated at first but worth the effort.
I’ll give you an example from my own script:
I’ve assigned 4 controls (pads to be precise) to behave as states’ switchers. So, combined with my default encoders, I get 5 different tasks performed (The first being the encoder with no pad pressed).
Here’s a screenshot of my Jog wheel and its actions, on its own and when I use pads for the other modes.