Unfortunately no, you're limited to the timeouts specified in the USB specification, which are (from what I remember) quite short in some cases -- around 50ms or so per packet during a control request transaction, with a more generous timeout for the period between the initial control request setup packet being sent by the host and acknowledged by the device.
Interrupts are the way to go here if you really need it, usually by driving your time-sensitive code using interrupts with the main loop running the USB code. PWM is generally produced by the on-chip hardware timers rather than bit-banged with software to ensure that it remains glitch free.
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