The answer is "No", as per the comments above.
But a workaround I've used from time to time is to create the HTML (or other string or data that is easier to create without JS escaping) in a temporary file where I can format it as required while I work on it with nice indenting, extra blank lines for grouping or whatever, and then use a find-and-replace to escape any quotes and do something about the linebreaks (your choice of inserting \ at the end of each line, wrapping each line with "..." +, or just removing all linebreaks) such that the resulting string is safe to copy and paste directly into my JavaScript source code. Once it's in the JS source I would then abandon the temporary file and do any further edits directly in the JS, though obviously you could save the file if you're willing to do the find-and-replace and copy-paste every time something changes.
(Actually you don't need the temporary file at all if you don't care about keeping the non-JSified text, because most editors that you're likely to use for coding will have a find-and-replace that works on a selection.)