Sure. In my mind there is an inconsistency though.
1. When I use "simple panel: component, is previewed with its color, in my sample orange
2. If I use a one layer composite panel, no matter what color the material, it is previewed white.
If I want to have a pattern with panels of different materials, as many people might want to do, it is really hard to do that with all previewed white.
Should I file as a feature request?