Yes and no.
Epics, Stories and Tasks as far as JIRA is concerned are all parent level in the JIRA hierarchy. JIRA out of the box allows for a parent-->child level hierarchy, which typically is reflected something like this:
Epics in JIRA are at the parent level, but through the magic of labels can be reflected as higher in the hierarchy, even though under the hood they really aren't.
That's the no part.
The ALMWorks Structure plugin allows you to have multi-level hierarchy in JIRA, I don't think they limit the depth, and is probably worth investigating. It's commercial plugin and I have not used it much, but from what I've seen it looked promising. Perhaps someone else who has used it can comment more on their experience with it.
Hope that helps.
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