Not... entirely. You have to set it up yourself, hopefully before the keyboard craps out.
Open AVID and open the Tools menu. Select 'Command Palette'. This'll open up a smaller window with all sorts of commands. At the bottom of this window are three options but the two you're gonna be most concerned with are: 'Button to Button' and 'Menu to Button'.
'Button to Button': This allows you to drag-n-drop any command from this smaller window onto the buttons on your timeline or (if you have the keyboard settings window open) the keyboard.
'Menu to Button': (**This is what you are asking about**) This will allow you to do the same as 'B2B' but from the drop-down menus. So, highlight 'Menu to Button' on the "Command Palette" window and you'll see the cursor change shape to a clipboard... thingy. Next, select any of the buttons on the top of the timeline. (There are a couple that are blank so you don't have to sacrifice another functioning button.) Then go to the "Edit" drop-down and select "Undo" and... viola. You now have UNDO on your timeline.
You can also save your settings in general, save custom settings in your bin and save custom settings on your timeline. How to move those settings from one machine to another is something I'd love to figure out...
1. You can do this with any and, I think, all commands.
2. I'm not an AVID nerd. I too hate the damn program just as much as anyone else but have made several shortcuts that have helped me adapt to it.
Good luck.