"When you combine CINEMA 4D's multi-pass feature with Adobe Photoshop's image editing tools, you have extraordinary power to adjust 3D renders.
Multi-pass splits your 3D output into a layered PSD file. For example, reflections, transparencies, shadows and even each individual light source can all be given their own layers. So when your client wants you to tone down the strength of reflections, just drag the reflection layer's opacity slider in Adobe Photoshop. "

Logically, Since PP can read PSD files with layers, so is it correct to say, that also in PP you can do the same with any Multi-Passed file?

Correct me if i am wrong.

below is the link:
http://www.maxon.net/index_e.html