Welcome to the Community!
Probably not that exact flow…but there are alternatives.
You could have a signup form that requests an email/pw and a phone number using additional signup fields, then verify the phone number in a rule.
You could have an email/pw account and a passwordless sms account that is linked via account linking. You should be able to force a user to have two accounts in a rule. I would have to look into this further.
You can also force mfa in a rule, and make it a sms mfa. (this is probably the most straightforward.)
Hope this helps,
Dan