Nope, it's not, but Marketo's preview capabilities are convoluted.
My best advice for this scenario is to set up a Contact test list. You can use up to 100 leads/contacts in this scenario. Make the list clever by putting dummy data in each one that means they'll fall into your different segments. Clearly mark the list as "Internal Seed List".
When you are previewing your email, choose "View by List" and choose your test list. Then click Send Sample. You will have an option called "Send variations from person list". If that seed list is good enough, you'll see all the different variants sent to you. Note that the tests are sent to YOU, not the people in the test list, so it can be all totally dummy data. The tests will reflect whatever segment/s they are in and display the appropriate dynamic content.
Most of the work here is in setting up test lists with good content that ensures the test leads fall into the right segments.