I don't think so.
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Yes there is a way.. it's sometimes called keeping the tools "sticky".. don't ask me why.
Select the tool you want to use (but don't use it yet). Click Control+E, or right click up on the tool bar, & select "Show Properties Bar" there should be a box that pops up with a check box, select "Keep Tool Selected."
This is not a correct answer. The user is not using the desktop version of Acrobat Reader.
Starting with our 17.03.28 release of Reader for iPhone and iPad, the Highlighter, Underline, and Strikethrough tools are "sticky" by default.
-- Mike Laursen
-- Mobile App Development Manager, Adobe Acrobat Reader for iPhone and iPad