Definitely. Off the top of my head: Abdusattorov, Sarin, Firouzja, Keymer, Niemann, Yoo as well as Praggnanandhaa could all take down Magnus in a given blitz game, and have been strong enough to do so for several years. Rapid is definitely a tougher proposition, but most of them could steal the occasional round from Magnus there, too.
To be clear, Magnus is still one of the strongest, if not the strongest, players in the world at speed chess, but there's much more variability per game than in classical and at a given format (eg online 3+0, with premoves) probably he's edged out by any number of players.
For example, here's Nihal Sarin beating Magnus at a blitz game at 16 years old: https://www.chess.com/events/2021-magnus-carlsen-vs-challeng.... Sarin is currently rated #5 on the chess.com blitz leaderboard with an absurd rating of over 3100. Online speed chess is just a different animal - ratings are different, everyone plays lots more games, and even Magnus loses fairly often. These players are all rated high enough to be competitive with Magnus at certain speed time controls, which is my point.
And here's another example, with FM Yoav Milikow beating him on stream in 8 moves at either 15 or 16 years old (depending on Yoav's birth month). Speed chess is a different animal. https://youtu.be/mor6qpyT7jA
To be clear, Magnus is still one of the strongest, if not the strongest, players in the world at speed chess, but there's much more variability per game than in classical and at a given format (eg online 3+0, with premoves) probably he's edged out by any number of players.