I don't think so. I haven't screwed around extensively with the solo options (I pretty much just set it to, blanking on the name of the option, but when all the other tracks are much quieter but not entirely muted, and just left it at that), but I don't recall seeing a "only solo one track at a time" as an option.
I actually find it more useful to be able to solo a couple tracks together than to have it solo one track at a time by default, but I'll have to remember that control alt thing, just in case... Though, it'd probably be more useful for me for mute, going back and forth between two different performances...