Interesting question. I think the answer is "no". My reasoning follows.
Obviously the lateral hydrostatic pressure can provide no lateral restraint, whilst the axial hydrostatic pressure creates an axial compression. If this axial compression had been created by a tensioned axial cable running down the centre of the cylinder (and not touching the sides), the cylinder could buckle: this is because as the cylinder changes its shape from straight to curved, its ends move together. As its ends move together its end forces get to do some work. Very crudely speaking it is this work that, if the axial force is large enough, enables the buckling.
With our cylinder down at the bottom of the Marianas Trench, the situation is subtly different. Here, as the cylinder changes its shape from straight to curved its ends still move together. But this time its end forces change their direction, and they do so in a way that ensures they do no work. No work means no buckling.
Sudden thought. There is another way to view this. My initial statement is wrong. (Beware the use of that seductive word "obviously".) Under large lateral displacements, the lateral hydrostatic pressure CAN provide lateral restraint. Once the cylinder has taken up a curved shape its "tension face" will be longer than its "compression face", and so a restoring lateral force is generated. I haven't attempted any algebra here, but I suspect that this restoring force will exactly counter the inclination of the cylinder's end planes. In fact, Archimides probably mandates this.