Is There a Command in MATLAB Like WorkingPrecision in MATHEMATICA?

In MATHEMATICA, WorkingPrecision is an option for various numerical operations that specify the number of digits of precision that should be maintained in internal computations. Is there anything like it in MATLAB?
I am interested in running certain codes using a few significant digits maintained in internal computations like say 3 or 4 digits only, so is this possible?

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