Yes and that works very well. You could also achieve this in Ableton by using jBridge (it was intended as a way to run 32bit plugins in 64bit DAW or other way around or to overcome the memory limits of a 32bit process) which runs plugins in separate processes and unintended consequence is vastly improved performance. I remember having projects that wouldn't play at all and played through jBridge without breaking a sweat.
For other readers: It is a misconception that sandboxing per-se enables parallelism. On the contrary, it only hurts performance. The speedup observed with jBridge might have other reasons. More here: https://news.ycombinator.com/item?id=25068976
