No, not really easily, for that you'd have to use something like the curses library, especially if you want to have more control over cursor placement and do more things programatically.
I just found this note in the docs in case you are using Windows:
No one has made a Windows port of the curses module. On a Windows
platform, try the Console module written by Fredrik Lundh. The Console
module provides cursor-addressable text output, plus full support for
mouse and keyboard input, and is available from
http://effbot.org/zone/console-index.htm.
Long time ago I used the curses library with C quite successfully.
Update:
I missed the part about running this on a terminal/serially, for that the ANSI escape sequence, especially for a simple task like yours, will be easiest and I agree with @SvenMarnach solution for this.
Carriage return can be used to go to the beginning of line, and ANSI code ESC A ("\033[A") can bring you up a line. This works on Linux. It can work on Windows by using the colorama package to enable ANSI codes:
import time
import sys
import colorama
colorama.init()
print("Line 1")
time.sleep(1)
print("Line 2")
time.sleep(1)
print("Line 3 (no eol)", end="")
sys.stdout.flush()
time.sleep(1)
print("\rLine 3 the sequel")
time.sleep(1)
print("\033[ALine 3 the second sequel")
time.sleep(1)
print("\033[A\033[A\033[ALine 1 the sequel")
time.sleep(1)
print() # skip two lines so that lines 2 and 3 don't get overwritten by the next console prompt
print()
Output:
> python3 multiline.py
Line 1 the sequel
Line 2
Line 3 the second sequel
>