Yes, pyproject.toml is the specified file format of PEP 518 which contains the build system requirements of Python projects.
This solves the build-tool dependency chicken and egg problem, i.e. pip can read pyproject.toml and what version of setuptools or wheel one may need.
If you need a setup.py for an editable install, you could use a shim in setup.py:
#!/usr/bin/env python
import setuptools
if __name__ == "__main__":
setuptools.setup()