No, PSE doesn't currently support layer groups (I just looked up the current version). There's not really another direct way to do group. You can make sure to arrange your layers in order in the layers palette and make sure they're labeled clearly.
Also, another option would be to clip all your embellishments to the bottom house shaped page we create previously. You would do this just like we clipped paper to our template, just don't merge when you're done. If you clip everything for one page to the bottom house layer, you can hide the entire group with one click of the eye next to that bottom layer. I often clip like this even when nothing I'm working with hangs outside of the borders of my bottom layer simply because it makes hiding & unhiding a snap. HTH!
