Absolutely YES !!!
Even though Anand is right that you can do it as a contour effect but I will be honest with you, I work with Corel Draw a few years and I have never used Interactive Contour tool as an outline/contour!
I have never used it as an outline because basically I considered this section as special effects.
Applying outline with different thickness is absolutely BASIC and the most common thing right after drawing shapes and filling with colour.
THat's why the option to be able TO CREATE INSIDE OR OUTSIDE outline for me is a must.
I prepare things for large format printing and every time I have to use thick outline I need to go around the problem because after exporting to eps obviously real object size to print is different than this declared on property bar.
I think it's not complicated to copy a little bit of programming code from Contour Tool to Outline properties.
It could be even next to "Behind Fill" and "Scale with image", just an option to click or even obviously as an icon.
Personally as a default I would always use inside outline because it's not affecting my real object size.