Yes! There were several RIFs (Reduction in Force) after WW II and Korea.
Back in 1963, I knew a retired USAF Full Bull Colonel B-52 Command Pilot who served his last two years or so as an E-8. He was enlisted, went through pilot training and got commissioned during WW II.
There was a provision to allow RIFFed Officers to continue on active duty so as to qualify for a 20 year retirement at their highest grade honorably held.
Don’t know if that particular “benefit” is still available to former enlisted men who accept a commission and are later RIFFed.