If you meant v-groove, yes, it can. Let's say you are doing an oval opening, with an oval groove. First, you enter your opening size and mat border sizes. Then click on the template design box to choose your oval template, and click OK. This takes you into the design screen, where you will see your oval opening.
Now click on "add v-groove opening" and enter your offset distance. You should now have a rectangular v-groove around your oval opening. Double click on the v-groove. There should appear a box on the left entitled "Options." In that box, there should be the template design number for the v-groove, with a button that says "Change." Click on that button, and you can select any v-groove you like. Using the other parts of that Options box and the parameters tab (see it?), you can alter the shape and characteristics of the v-groove. Play around with it. Have fun.