Yes. The COVID-19 treatment guidelines developed by the National Institutes of Health recommend the use of some immunomodulatory drugs to treat COVID-19 in some cases.
Immunomodulators are used in the event of serious illness where there's widespread inflammation in the body and supplemental oxygen is needed. They can include:
dexamethasone, a corticosteroid
baricitinib (Olumiant), a biologic
tocilizumab (Actemra), a biologic