Yes.
The basic steps are in these two screenshots:

And

This will work when an Administrator attempts to run something, and you want to force it to be run with Standard User rights.
That being said, Internet Explorer is a special case.
When IE is run “normally” as an Admin, IE will self-reduce the rights to Low as seen here.

If, however, an Administrator “Runs as Administrator” then IE will run Elevated as seen here.

But you can force it such that an Admin.. who attempts to run IE eleavted … will be PREVENTED from doing so.. with a PolicyPak Least Privilege Manager rule like this:

The RESULT being that IE.. even when launched / told to “Run as Admin”.. will not … and will run Standard as seen here.