Not in standard XSLT there isn't no. As far as the XSLT processor knows the text of the <p> element is just that, text.
If you are using Saxon and you know the inner text is valid XML then you could trying using saxon:evaluate() to process the inner text, then apply templates to only output child text() elements (e.g. <xsl:value-of select="saxon:evaluate(p)/child::text()"/> or similar.)
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