No.
Upgrade using the buttons appears to be broken on the VIM2 firmwares.
I have the same problem, (at least with the supplied firmwares). It does not work in VIM2.
I have had to use my USB serial to get into it.
(Made a comment here) Compiling the new firmware
So it might be something in the u-boot or image making package that is configured wrong (since I made my kernel based on Khadas github)