No. An ArchiveAsset is used to gather multiple Assets together in order to perform actions on them collectively. To create a single large .zip, you would have to gather the un-archived Assets / files together yourself, and create your FileArchive in the normal way.
It would also be feasible to create an AssetArchive from two .zip files, but then you'd have to create the .zip files yourself, rather than benefitting from Pulumi's FileArchive logic.