You can technically embed any collection of modules using the Table-Embedding feature.
So yes you can technically embed modules that themselves include another table that uses teh Table-embedding feature.
The glaring drawback is that you can't do any kind of colspan on it -- the modules can only be embedded into individual cells.
And as a practical matter.... you very well might be better off just doing some clever CSS with padding and layout on divs in an HTML module, vs table-embedding a table module that uses table-embedding.
Note - this is also a distant cousin of "Using a Multiplexer module to multiplex a Multiplexer module that multiplexes some other modules". 😃