Thank you for your interest and question.
The pre-defined equations and physics modes are listed here:
https://www.featool.com/doc/physics.html#phys_modesand does currently not include multiphase flows and VOF methods. As FEATool allows for setting up and user defined systems of PDEs one could technically implement a custom two-phase flow model (for example with the level set method).
So yes, it would technically be possible, but again as there are no pre-existing ready examples or models for you to use so it would involve a lot of custom work (by you).