There are currently no built-in or pre-defined physics modes for multi-phase flows with immiscible fluids but there are a couple of m-script file models utilizing the level-set method for simulation of rising bubbles that illustrate how this can be achieved, see for example:
https://www.featool.com/doc/ex__multiphase1_8m.htmlhttps://www.featool.com/doc/ex__multiphase2_8m.htmlhttps://www.featool.com/doc/ex__multiphase3_8m.html