Yes, though I'm not sure why you'd want to:
create table t42 (id number,
constraint check_id check (id > 0) initially deferred deferrable);
table T42 created.
insert into t42 (id) values (-1);
1 rows inserted.
commit;
Error report -
SQL Error: ORA-02091: transaction rolled back
ORA-02290: check constraint (STACKOVERFLOW.CHECK_ID) violated
02091. 00000 - "transaction rolled back"
*Cause: Also see error 2092. If the transaction is aborted at a remote
site then you will only see 2091; if aborted at host then you will
see 2092 and 2091.
*Action: Add rollback segment and retry the transaction.
You can update it before committing of course:
insert into t42 (id) values (-1);
1 rows inserted.
update t42 set id = 1 where id = -1;
1 rows updated.
commit;
committed.
... but I'm not sure why you would put the invalid value in the table in the first place if you planned to update it. Presumably there is some scenario where this is useful.
More on constraint deferral in the documentation.