No. When enabled it will be used for thumbnails, previews, and zoomed images.
May I suggest this as a feature request? To allow the raw renderer to only work in the preview window, or maybe have the option to work only in the preview window or even only when zooming.
Personnaly, I bought PM Plus for it's metadata capabilities and it's filter/search functions, I like how this allow me to see all of my pictures or refine my search to only see my exported images for a full year or even all of them, the possibilities are great.
Most of the time I will be looking at the processed jpeg output so the small raw preview is not a deal breaker but it's not ideal either.
Apparently sony has no intention of changing that preview size.