Uh, yeah.
There are several modes for the buttons. You can go all stomps, all presets, all snapshots, and half & half of the different combinations of the stomps/presets/snaps. Obviously, the presets switch between presets, but there is a slight bit of latency (something that has always plagued processors and modelers). But that's what snapshots are for. They're merely different configurations within a preset. And since the preset is already loaded, it's instant.
And what can you do with this? Quite a bit. I just use snapshots to turn stuff on and off, but you can also use them to change settings of a model, volume, ect. You can literally treat amp models, and cabs, like stompboxes, just like you would effects. So if you're wondering if you can turn amp models off and on and thus create "channels" in a preset, yes, you can. It's easy.