Yes, it is. Featured entries will be sorted before all other entries. If a Featured entry has an order value that order value will affect where that entry is sorted within the featured entries. So you could use the Custom Entry Order extension in combination with the Featured Entry extension to define what order your featured …
In the event that multiple entries have been assigned the same order value, by default they will be grouped together and then sorted alphabetically. This is called the secondary sort order. The order by shortcode option can be used to change the default secondary sort order.