Yes, this functionality is supported. First, you'll need to assign labels inside the timeline (link to help center documentation:
https://support.google.com/webdesigner/answer/4597391?hl=en&ref_topic=6000799). Then, in the 'Action' view of the events dialog, select the function you want in the 'Timeline' category. On the next view, you'll need to specify the receiver, which is the parent container of the animation (usually document.body or the current page in case of ads).