Explanation
Yes. A rainbow can appear as a complete circle. The familiar arc is usually just the portion visible from the observer's position.
The Met Office explains that elevated viewpoints can reveal the full circle when sunlight and water droplets are suitably positioned. NOAA independently describes full circular rainbows visible from aircraft under the right conditions.
A rainbow is an optical phenomenon, not a physical arch fixed in one place. Seeing the complete circle depends on the viewing geometry and available droplets; being high above the ground does not guarantee a sighting.
Key takeaway
The familiar rainbow arc can extend into a full circle. How much you see depends on your viewpoint and the conditions.