Yes.
This script reverses the order of layout elements in the content pane and in the layout itself:
layout = arcpy.mp.ArcGISProject("current").listLayouts()[0]
cim = layout.getDefinition('V2')
print([e.name for e in cim.elements]) # layout elements from bottom to top
#['Map Frame', 'Scale Bar', 'North Arrow', 'Map Frame 1', 'Table Frame']
cim.elements.reverse()
print([e.name for e in cim.elements])
#['Table Frame', 'Map Frame 1', 'North Arrow', 'Scale Bar', 'Map Frame']
layout.setDefinition(cim)