[Symen]

There are a few gotchas but you can do it. Mostly you need to put you multi-line chain call inside parentheses if it is not already inside a function call or data structure (similarly to generator expressions).

For example I often end up doing:

    something(
        "Template string {thing}"
        .format(thing=33)
    )

[pseudalopex]

It's possible but rarely more concise or clear than just using variables.

    label = "Template string {thing}".format(thing=33)
    something(label)

[Symen]

I guess it is a matter of preference at some point.

Storing each step in variables has the advantage to be self-documenting and nicer when debugging. However in many cases I feel like wasting energy trying to find short and adequate variable names for each steps in a computation, especially when the steps are clear enough by themselves but difficult to describe in 1-2 short words.

You also need to keep the variable names in sync when refactoring, which may cause even more refactoring if the line gets too long with the new name.

IMO it makes sense to use both styles where they feel most adequate.