No, but if you copy the sparsebundle file to a USB drive, or use the "Archive" function in AirPort Utility to copy the sparsebundle file to a USB drive attached to the Time Capsule, and then open the sparsebundle file, you will see a disk named "Time Machine Backups". Open that drive and you will see the Backups.backupdb folder.
Another option would be go ahead and open the sparsebundle file on the Time Capsule, and wait for the "Time Machine Backups" disk to appear on the desktop. Open Time Machine Backups and you will see Backups.backupdb. Simply copy that file on the desktop to the USB drive using the Finder.
Now, if what you are really asking here is whether you will be able to continue to back up to the Backups.backupdb file on the USB drive, the answer is open to question. Does not work for me, but one of the other guys might know of a way.
If you want the Mac to back up to the USB drive, you will probably need to start over again with a new backup of the Mac and then move forward and keep the "old" Backups.backupdb file there in case you need to go back in and manually find an older file.