Yes indeed but only to export the audio and video separately. I selected TS multiplexing leaving the default setting and in audio I selected Dolby Digital and 448 kbit/s. So I get a .M2t file.
For multiplexing, Premiere Pro generates a temporary .M4v, .Ac3 and .Mdo files and then creates a .M2t file.
I tried using Adobe Dynamic Link in Premiere Pro, and after selecting the same transcoding settings of Premiere Pro into Encore (ie H.264 Blu-ray Full 35 Mb/s, 2 passes, maximum render quality, etc.) the ISO file generated is still exactly the same.
I also tried with a lower quality as 20 Mb/s H.264 Blu-ray in Premiere Pro. The M2ts file in the ISO file generated by Encore is always less than the .M2t file (multiplexing) or .M4v file that I got with Premiere Pro with the same settings. Comparison:
.M4v = 1,00 GB ; 00:07:34 ; 18514 Kbit/s
.M2ts = 922 MB ; 00:07:33 ; 16794 Kbit/s
MR.