No, only because this would assign the output of explode to both $var and $var[3]. Here are some simpler examples:
$var1 = 'Hello';
$var2 = 'World';
// var1 equals "Hello", var2 equals "World"
$var1 = $var2 = false;
// var1 and var2 are now the boolean false
$var1 = $var2 = 'Hello';
// var1 and var2 now have the value "Hello"
You could use [man]list/man to give you that same effect; however, if that array isn't formatted properly, the it will fail.
list($var, $var2, $a) = explode('.', $test);
echo $a;