Hi,
No the friendly urls are not designed to reflect the hierarchy of the site. The hierarchy of the site is already well conveyed by the menu, sitemap and breadcrumbs.
While it might seem like a good idea to have the url reflect the position of the page in the site its actually not a good idea (at least in my experienced opinion).
The main reason is that it makes your site structure brittle if you do that. What I mean by that is that as soon as you decide to re-arrange the hierarchy now you have broken urls on google and in bookmarks. Its much better if the friendly url does not change when you move pages around, no broken urls and no broken bookmarks result. Urls are meant to be permanent locators of a page.
So in my opinion you should use friendly urls that are short and convey the content of the page not the position of the page within the site.
Of course its technically possible to implement url schemes that reflect page position, I have no plans to implement that myself.
Hope it helps,
Joe