No. There are two fire handles in the overhead panel, one for each engine (and a similar one for the APU on some types). You pull it, that immediately shuts off fuel, hydraulics, generators etc on that engine. Twist it to discharge the fire extinguishers on that engine. No override, no extra steps.
In case of an engine fire the procedure is to put a hand on the handle, the other pilot checks and confirms, and then you pull it.
In case of an engine fire the procedure is to put a hand on the handle, the other pilot checks and confirms, and then you pull it.