Yes, it is possible to create virtual image of true color or pseudo color, to use the specific terms you could create multi-spectral band combinations, as it is explained in this video,
multi-spectral band combinations
Basically, in case of creating multi spectral combination, we should take the following points in our consideration, in case of Sentinel -2 bands scenario
1- The wavelength range of each band and it’s use, for example,
2- The goal of this combination,
Band Selection in Sentinel-2 Satellite for Agriculture Applications
This is also good example,
Band Selection in Sentinel-2 Satellite for Agriculture Applications
It’s possible to use each band from different dates, also it’s possible to apply an index such as NDVI, and then create band combination, of different three dates of NDVI,
Technically you could use band math in SNAP, or in single image you could right click on the image name and create RGB, by selecting the bands represents of RGB, respectively,
Here also explains how to create a virtual bands from different products,