No. Command line arguments cannot exceed a small size. If you want to be passing larger amounts of data between applications, you need to use standard IPC techniques (see perlipc). Something like this:
# in parent
open(CHILD, "|other_program arg1 arg2") or die "other: $!";
print CHILD $large_amount_of_data;
close(CHILD);
# in child
local $/;
$large_amount_of_data = <STDIN>;