No, it is not possible to do this the way things are done now. Not with just path signals and that’s all we have. In fact, having slower freight trains being overtaken by passenger trains is detrimental and counterproductive. The game doesn’t differentiate between bulk cargo, FMCGs and the consumers themselves. It’s all the same 20 minute agent. Freight is just as time dependent as the very passengers you want to prioritise.
This is my top pet peeve about TF right after the lack of waypoints and the ability to choose platforms.