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.
