Hi there,
not exactly in the way the Newspaper theme is working as that is using Custom Page / Post Templates.
Whereas elements are a custom template you ‘hook’ into the Themes templates.
But you could create something similar ie. allow the to select an ‘option’ that could be used to set an Elements Display Rules.
A simple solution is to create a custom taxonomy for your posts, and use the taxonomy terms to set the display rules.
See here for an example on how to do that:
https://generatepress.com/forums/topic/reducing-the-number-of-element-headers/#post-1942770
Anything fancy like the interface above and using custom templates would require custom development.