Nope. It's basically an on/off toggle. However, it not always intuitive on how to use it properly.
Here's how you can:
- Select the song that is playing. You should now see only this song's album art.
- Swipe up from this window. The "Up Next" screen should appear.
- On top of that screen should be toggle buttons for both Shuffle and Repeat.
- For either, the button would be highlighted in red if it is on and not highlighted if off.
For future reference: iPhone User Guide - Apple