No in most style guides — "by" is lowercase in AP Style, Chicago Style, and MLA Style.
"By" is a two-letter preposition that stays lowercase in the middle of a title in AP Style, Chicago Style, MLA Style, and AMA Style. NYT Style and Billboard Style are the two common exceptions that capitalize it.
NYT Style capitalizes "by" as part of its convention of capitalizing most prepositions. This is one of the most visible differences between NYT Style and AP Style in practice.
"By" can also function as an adverb, as in "passing by" or "standing by." When it functions as an adverb rather than a preposition, it carries more independent meaning and is typically capitalized in title case.
Like all prepositions, "by" is capitalized when it opens or closes a title. A title beginning with "By" — common in byline-style titles or poetic works — correctly capitalizes the word.
"By" follows the standard pattern for short prepositions in title case. AP Style lowercases all prepositions regardless of length, while Chicago Style lowercases prepositions of four letters or fewer. At two letters, "by" falls into the lowercase category under both rules.