No. The online archive is the same mailbox as the primary mailbox and you can't set the access permissions only on the archive - if you set them on the primary mailbox, they will propagate to the archive (and vice versa, but you can't set them on
the archive with a PowerShell command like this).
Will Martin ...
-join ('77696c6c406d617274696e2d66616d696c6965732e6f7267' -split '(?<=\G.{2})' | ? { $_ } | % { [char][int]"0x$_" })