yes and no, hit "P" on the keyboard to bring up the preferences. then on the left side you'll see the "friendly name" and on the right side is the "driver name" if you double click on the friendly name it will allow you to change it to something more "friendly"
however, this only changes the primary name and doesn't allow you to change the individual channels like I'm sure you're wanting to do.
for example, on mine it's MOTU 1/2 is the current default "friendly" name. and MOTU Audio ASIO Analog 1 is the "driver name." so I can change the MOTU 1/2 to something else, but that's still not going to allow me to see separate channel names.
if I change it to MOTU 1
then what I would see when I select the channel in the track would be:
Left MOTU 1
Right MOTU 1
Stereo MOTU 1
so that didn't really help me at all. I believe that cakewalk should rework this "feature" so that individual channels can be renamed, but that's not been their priority because it's been this way for several versions.