Officially No.

The official word from the devs is they will add a pause eventually but they do not consider a simple pause that people are asking for to be more important than adding fluff content to mid tier bioms that no one is asking for.

Currently the only way to actually pause the game is to;

A: use a mod. I remmend the *Truepause" mod available at https://valheim.thunderstore.io/package/LTmadness/TruePause/
it is exactly what the game should have had from day one.

B: taB out and suspend the program. Methode differs depending on OS and you better be comfortable directly managing processes on your system.

You can also expect this thread to get closed shortly, and prosibly merged in the last big thread requesting a pause in solo mode with some comment about how this topic has already been covered and this thread serves no purpose, please search old threads before opening a new one ,etc.