The short answer is no, at least not yet.
If you followed these steps, this should be all you need to start playing local co-op multiplayer with a friend in Cuphead. Mugman will also have the same number of coins as Cuphead to spend on items. Player two should now be in control of Mugman, Cuphead’s brother and co-op counterpart. On Xbox One, connect the second controller and press any button, then sign-in with a user profile or as a guest when prompted to bring in player two. On PC, either plug in the second controller or sync it to the computer using an adapter. Make sure it’s synced up with your system. To setup local co-op in Cuphead, all you have to do is grab a second controller and turn it on. Cuphead's local co-op lets you play alongside Mugman. Luckily, Cuphead’s drop-in, two-player local cooperative mode is the easiest feature of the game so far. Now that Cuphead is finally out on Xbox One and PC, players are eager to load up the game with their friend for some local co-op fun as Cuphead and Mugman.