Absolutely you can do what you wish.
For example you can have a master clip in the top time line and a sub-clip on the PIP line(s)
You can then watch along any one track with the others turned off until you find a section which you like.
Make spit points Ctrl-T at approx the start and end of a section
Do this along all the tracks you have on-screen.
Now what you do is complex to describe but you will get the hang of it by trying.
lets say that on the master track at 1 minute 20 seconds you want to inset a section from track 2
You go to that point on track 1 and drag an empty space at that point by dragging the second section of track 1 off to the right. You will now have track 1 ending at 1m 20s and a big gap and then the remainder of track 1
Now on track 2 you need to drag the wanted section to the left until it is positioned under the gap on track 1
If you played everything now you would see travk1 then track 2 then track 1 again.
Now, on track 2 you need to double click and make it fill the screen since by default is only shows as part-screen .
Do this for all the segments you wish to insert into track 1
When you get good at that you will eventually want to do clever tricks like fades and other transitions but for now just do jump cuts
You can also have the output be
track1 track2 track2 track3 track1 track4
Hope you understand this.
If you can't solve the problem - Change the problem