That's exactly what iframes are designed to do. Though they do have... downsides
Functionally, it would be about the same? Caching would even largely go the way you want it to with it hitting the main layout page first, and then pulling in the content pages.
Edit: Amusingly, this organization strategy also provides a relatively easy way to try out other layouts. Since you can make a new driver page that iframes in your content.