Yes. General AI music tools can make a song from a description, but you then have to cut it down, export it, and set it yourself. A few apps are built for ringtones specifically.
Ringoz is one of them: you type a name and a short line, choose one of twelve styles, and its TTR-1 engine, built by music producers, writes and sings an original 30-second ringtone around your words. The result is made for a phone, mastered to loop cleanly. You can set it as your ringtone, give it to one contact, or use it as an alarm.
Related questions
How do I make a ringtone from text?
Turn the words into audio (spoken or sung), keep it short, set it as a ringtone.
How can I make a ringtone with my name in it?
Record or generate audio that says your name, or use an app that sings it.
What are the best Zedge alternatives?
Depends on what you want: another library, an editor, or a generator.