Yes, you can render Song, Song stems, Pattern, Pattern stems directly to the SD memory card. While rendering stems, the Tracker exports 8 mono track files, 2 send Fx (Delay, Reverb) mono track and the master stereo mix track. The master audio output is rendered into a single stereo file. Rendered stems are PCM .wav audio files with a sampling rate of 44100Hz/16bit.
The volume of separate rendered stems files can be set in the Master 2/3 section. The rendered master track volume is being set in the Master 1/3 section and it's always rendered with the Limiter and its current values.