No. The FB2 is an actual Atari 2600 inside, and as with the original Atari 2600 you need to turn it off to "switch cartridges". Even though the games are built in to this one, they are still stored physically seperately from the actual "2600 brain" and function just like inserting a cartridge.
FB2: Choosing a different game
in AtGames Flashback and Portable Consoles
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Thanks!