Yes, it is. You cut the film into segments by placing the cursor at 3 min. Ciick the triangle at the razor blade, and select Split movie (Alt + Y). The 3 min section has now been moved to a new Timeline. Go back to the long film and cut another 3 min. section, and continue with the whole film. Each section is moved to a new tineline.

In newer MEP's you see the different segments as Tabs under the monitor, in  older versions by clicking the Film Reel. Each segment can now been exported separately.

But you can't export "all at once"

Hope you understand, Andreas