In short: Yes, it can be done.
Most of today's workstations have pretty flexible arpeggiator section which can be used to provide full blown accompaniments. It is tricky to set up though.
I've never actually bothered with this stuff myself since I prefer sequencing to any kind of monkeying around with arps and accompaniments. But I know people who don't mind setting up arps on their Motifs, Tritons and Phantoms so its not rocket science.
-ED-