Yes.
Each SS Hub is a Pixelnet Universe, or handles one. Thats a zone in LSP, whether you physically get there using 4 cables, or using a pixelnet combiner to deliver all four universes on one cable.
You set the DMX jumper on each SS Hub to determine which pixelnet channel range will OUTPUT to the DMX OUT (512 channels).
To your display items, its always DMX 1->512 coming off each SS Hub DMX-OUT ... but to LSP, your just sequencing to 100% pixelnet channels. It just happens that some of them are also being emulated (or tee-d) to the DMX-OUT (and Pixelnet Out, but don't use both Pixelnet and DMX unless you want to do that). But you can assign all or just portion of the DMX-OUT per SS Hub to DMX stuff, and the rest is Pixelnet by default.
Again, yours only sequencing to Pixelnet as far as LSP is concerned.
If you setting up your DMX stuff all the same, off each DMX-OUT on each SS Hub ... then you would use the same DMX channel assignments (for those tubes, say) ... and they would different pixelnet channels, but might show up as 1->480 pixelnet for each set of 10 snow tubes (assuming 48 per tube x 10 tubes).
Just remember that whatever you set the SS Hub DMX jumpers to will just change the pixelnet channel range that also emulates into DMX 1-512 on the local SS Hub DMX OUT. So many people here talk about using the jumper for the first 512 channels for DMX ... so the first 512 of each Pixelnet Universe would also be going to DMX if you want to use it for DMX. If you only used 480 (for example), then on Univ#1 ... PN1-480 would go to DMX1-480 and you could use 481->4096 for PN still. On Univ#2, assuming same jumper setting on that SS Hub, PN ch#4097->4578 would go to DMX1->480 and you could still use PN ch#4579->8192 for PN still.
You can see that to LSP ... your just sequencing pixelnet channels ... but because of how you configure you SS Hubs (DMX jumper) ... you emulating DMX512 to the snow tubes on DMX ch#1-480 every time ... but your never really sequencing to DMX directly, but just to Pixelnet.
Again, I'm just giving a 480 ch DMX snow tube as an example, but you might be doing other stuff with your DMX ...