No, the higher of the 2 years earned income is the one used. The lookback election is available only if 2019 was higher earned income. IRS Publication 596. says:
Election to use prior year earned income.
You can elect to use your 2019 earned income to figure your 2020 earned income credit (EIC) if your 2019 earned income is more than your 2020 earned income. To make this election, enter "PYEI" and the amount of your 2019 earned income on the dotted line next to Form 1040 or 1040-SR, line 27.
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