No, this is not possible.
You will need to drop and re-create all constraints as a foreign key constraint cannot be altered like that.
The following statement will generate the necessary alter table statements to drop and re-create the foreign keys:
select 'alter table '||pgn.nspname||'.'||tbl.relname||' drop constraint '||cons.conname||';'
from pg_constraint cons
join pg_class tbl on cons.confrelid = tbl.oid
join pg_namespace pgn on pgn.oid = tbl.relnamespace
where contype = 'f'
union all
select 'alter table '||pgn.nspname||'.'||tbl.relname||' add constraint '||cons.conname||' '||pg_get_constraintdef(cons.oid, true)||' ON UPDATE CASCADE ON DELETE CASCADE;'
from pg_constraint cons
join pg_class tbl on cons.confrelid = tbl.oid
join pg_namespace pgn on pgn.oid = tbl.relnamespace
where contype = 'f'
Save the output of this statement to a file and run it.
Make sure you validate the generated statements before running them!