No, because the mode it boots into is determined by the TTL voltage level of GPIO[31:30] at the time nRESET is deasserted. After a reset pin event occurs, the BIOS bootup procedure executes for up to 3 ms. GPIO[31:30] are sampled by the BIOS during bootup only. After bootup these pins are available to the application as GPIOs. So it has to reset to change the mode.
However, the OTG-Host products can also operate in a mode where standalone code is running on the OTG-Host and is communicating over the coprocessor interface to an external master.