The short answer is: no.
The long answer is that because your images (coming off the card) have four digits in their filename, PM wants to preserve those digits so that you can use them for other purposes later on (for instance to use the {frame4} variable) and this produces the initial XMP sidecar file.
We're considering adding a 'pure copy' option that when enabled wouldn't produce an XMP sidecar file in this case but you'd lose the ability to access the {frame4} variable later.
But even with that feature, if you were to lock an image in the camera and you have PM set to 'tag' locked images, it has to store the tag data somewhere and that would produce an XMP sidecar file.
Also, any keywording, captioning, etc. will also cause and XMP sidecar file to be created.
If we can manage to implement a method of embedding the XMP safely in a CR3 file (with the ability to restore a file to its original condition), then there will be no XMP sidecars if you have set PM to embed XMP into RAW files.
-Kirk