Yes, Python is a common alternative to shell scripting.

Although being Turing complete and often called a programming language, shell script is only suitable for simple, procedural programs. It has limited scalability and functionality, especially on numerical operations. This applies to both POSIX and Bash.

On the other hand, Python is designed to be a fully fledged programming language. It has advanced support on arithmetics, while being as good as shell scripting on text manipulation, if not better. It is also highly scalable. Python is suitable for both small utility scripts to large commercial software.

One drawback for Python is that it is abstracted away from the system. Operations involving low-level system components is not possible on Python alone. However, you can always "shell out" these operations to suitable programs or even shell scripts using syscalls.
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