No. If you go into the Albums section of your music and turn into CoverFlow it will automatically show CoverFlow by Artists, it always does. Even if you are in a playlist, and you go into CoverFlow it shows it by Artists. Try it out, trust me.
To the OP: Unfortunately, at the time, there are no Settings options for CoverFlow, hopefully this will be added with 2.0 or with other future releases. 2.1.2? 😎