Not for planes the size of a 737.
- the average 737 MAX 7 aircraft would typically carry between 138 and 153 passengers, range 3,850nm.
- Embraer 195-E2 carries between 120 and 146 passengers, range 2600nm
Scaling into the A320/737 range would need a brand new design with wider fuselage probably. I'm not saying that Embraer could not do that, but sticking with the E2/A220 size range seems to be a winning combo - until recently (A220), they had no real competition from the big two. Maybe with the more recent weakness from Boeing, Embraer might want to consider a 737/A320 class design, but these things take time.
Also, as much as BRICs is a thing, I don't think Brazil would be too fond of selling Embraer to China.