No. vim is a console application, so it doesn’t really make sense to have the cursour off-screen (it’s possible, but would just be confusing)
An alternative solution, to paraphrase posts from this thread from comp.editors:
Ctrl+o goes to the previous cursor location,
Ctrl+i goes to the next (like undo/redo for motions)
Marks seem like the other solution..
Also, use marks. Marks are named by letters. For instance typing ma remembers
the current location under mark a. To jump to the line containing mark a,
type ‘a. To the exact location use `a.
Lower-case-letter marks are per-file. Upper-case-letter marks are global;
`A will switch to the file containing mark A, to the exact location.
ma, move around, then `a to jump back.
Another option which Paul suggested,
gicommand switches Vim to Insert mode and places cursor in the same position as where Insert mode was stopped last time.