No, in noweb programs you insert chunks of code in multiple places and have conflicts when you try and automatically merge the code back too often.

Org mode has a function which does this, but they didn't allow for arbitrary chunk nesting the last time I looked.

Emacs has a number of very useful features in the modes for noweb/tex, one of which is jumping to the chunk which the code came from in the tangled source code on the pretty printed PDF. This follows the spirit of what you want. In fact SyncTeX support comes pretty much out of the box for noweb files and makes their editing a breeze, either as text or code.

Of course if you're not on Emacs than god help you.