Yes
As I do not use macros often (VBA only currently), I'm not sure if there's a limit on how many distinct actions you can include, but you can most likely put other macros (with multiple actions of their own) in each list should it be necessary.
When I first started learning access, this is precisely what I was doing - started with Macros with multiple actions. I then used the built in utility off the tools menu to convert a few to VBA and learned VBA mostly by example, books, Access_Help and forum questions.
There are a number of things you can't do with Macros, but mostly that's when you want to completely automate functions and not require a human to manually do steps.
Mike