A: No. ODEON treats sound transmission - insulation in a simplified way. Only airborne transmission is modeled, as rays which are let to pass through a partition. No matter how high is the reduction index, only 10% of the total number of rays are let to pass through the wall. The strength of these rays is then reduced according to the reduction index. It wise to use slightly higher number of rays when modelling sound transmission, so that you are sure that enough rays will pass from a source to a receiving room and sample the geometry properly.
If you want to make more advanced sound insulation simulations, such as impact or flanking transmission, you may have to check a more appropriate software like Bastian from DataKustik.