You can, but there's one rather obvious use-case it won't handle—stacking multi-part movies (e.g., a movie broken into two or more files). Such files can be stacked in Standard View and there is a Play stack function, but that doesn't carry-over into Theatre View. If they're stacked, only the top appears—as expected—but then there's no way to play subsequent parts. The only solution I've found for this is to mux the files into one container.
For maintaining different versions of the same video (as you might maintain different edits of the same image), I suppose it works fine. I have no idea if it parallels the functionality for music in respect of syncing other devices.
