Yes. The VS1680 and up can accomplish this task. It's a two-step process.

First, you'll want to move the regions to different V-Tracks, and set the starting time to zero (otherwise project two would start at say 5:23 when it started in the original project).

Then, you can go to Project Split, and it will ask which V-Tracks you wish to move to another project. Select them and it will remove the tracks from one project and insert them into the other project.