At this time, no. Google conducted a survey of Pixel users back in February to find out how people like to control their phone's various volume levels (among other things). I guess the results indicated that most users adjusted only the media volume level most of the time, and that most users simple toggled the ringtone between on/silent/vibrate - so they altered the phone's behavior accordingly.
Previously, the volume buttons would adjust the ringtone volume most of the time, while you were only able to adjust the media volume level if some media was already playing. This could result in a bit of frustration if you for instance wanted to watch a video without sound in a quiet classroom or office - you couldn't easily adjust the media volume without hitting play on the video first.
Now the volume buttons work much more consistently - they'll always control the media volume level. You can quickly toggle the ring volume between on, vibrate, and silent by tapping the icon above the vertical volume slider, and you can tap the gear icon below it to jump straight to the volume control page in Settings for more granular control.
Personally, this setup works perfectly for how I use my phone - but I get that everyone uses their phones in different ways so this one-size-fits-all approach may not work for you. Feel free to let the developers know if that's the case via Settings > System > About phone > Send feedback about this device. This was a change apparently motivated by reviewing user feedback so it's really important to let the team know what you think.