Yes, there are induction stoves.

These use magnets (how do they even work?) to heat the pan directly, instead of heating an element which then conducts heat into the pan. Since they don’t rely on resistive heating, they can actually be controlled in a much more precise manner. Maybe under the hood this actually involves cycling of the heat, but the result is something that for all intents and purposes “maintains temperature” You can only use pans made of certain metals, which is the main drawback besides expense. No aluminum