Can one of its buttons be configured to act as a middle button so that I can use it not only for navigating my modeling but also when I need to drag objects into groups to arrange hierarchy.
You should probably ask on their forum: https://www.3dconnexion.com/forum/viewforum.php?f=23
If it can't be mapped by their driver, you can usually override it with ControllerMate: https://www.orderedbytes.com/controllermate/
Imagination is more important than knowledge.