Yes. In the general setup, you can use the “read more” tag and then in the plugin’s options, enable the setting to show excerpts. This would show everything before the “read more” tag before displaying the login.

Alternatively, you can use the login status shortcodes to display content restricted based on user login state. See: https://rocketgeek.com/plugins/wp-members/docs/shortcodes/status-shortcodes/