The Surround With feature is available in the GUI Designer, as well is in the editor. In the GUI Designer, you can wrap a container of your choice around one or more components, and remove wrapping.
To wrap a container around components
When reasonable, IntelliJ IDEA smartly suggests you to wrap a component into a container. This is done with the help of intention action. For example, IntelliJ IDEA suggests to wrap a JList into a JScrollPane: