Not really; maybe in the sense that "you" are looking for in your particular use case but there is nothing but an "extra step" preventing your needs.
All you need to do is simply "log in" as yourself when a child would like to use the iPad . Then, allow the child to use the iPad for as long as you feel is adequate, under the supervision you feel is necessary. When you have decided that the child's time us up, have them return the iPad to you and "log out" of your account. To ensure that the child uses the apps you want them to use, simply create a FOLDER for the child and keep ALL of the child's apps in that specific folder on "your" iPad. This solves exactly the issue you are complaining about.
However, that would mean that you "both" cannot use the iPad at the same time and that you will have to "share" with the child occasionally