The text itself does not give enough information to deduce whether a volcanic eruption occurred or just a miraculous event (the literal interpretation), but commentators have long noted the similarity of this language with that of other volcano legends in early Semitic literature.
The translation of 'brimstone and fire' (גָּפְרִ֣ית וָאֵ֑שׁ) as 'burning sulfur' is also common, and the Greek Septuagint also uses comparable terms (θεῖον καὶ πῦρ, 'sulfur and fire').
The IVP Old Testament Commentary points out,
The scene is one of divine retribution. Brimstone appears here and
elsewhere as an agent of purification and divine wrath upon the wicked
(Ps 11:6; Ezek 38:22). The natural deposits of bitumen and the
sulfurous smell attached to some areas around the Dead Sea combine to
provide a lasting memory of Sodom and Gomorrah’s destruction. One can
only speculate about the actual manner of this destruction, but
perhaps the combustion of natural tars and sulfur deposits and the
release of noxious gases during an earthquake are a part of the story
It is also notable to observe that in Genesis 19:26 where Lot's wife becomes a 'pillar of salt,' the IVP Commentary explains,
The story of the punishment of Lot’s wife is often illustrated by some
grotesquely humanlike, salt-encrusted objects that have become
landmarks in the Dead Sea area (alluded to in the apocryphal Wisdom of
Solomon 10:4). This phenomenon is a result of the salt spray that
blows off the Dead Sea. Huge salt nodules still appear in the shallow
sections of the lake. The mineral salts of the region include sodium,
potash, magnesium, calcium chlorides and bromide. An earthquake in the
area could easily have ignited these chemicals, causing them to rain
down on the victims of the destruction.
In the article "Where Is Sodom?" in the March/April 2013 issue of Biblical Archaeology Review, archaeologist Steven Collins uses clues from Biblical geography and archaeological evidence from the site of Tall el-Hammam in Jordan to suggest that the author of Genesis 13 located Sodom in a fertile area northeast of the Dead Sea (which would be the same Sodom referenced in Genesis 19).
According to another article discussing Collins' article,
Seeking to answer the question “Where is Sodom?” and using the
Biblical geography of Genesis 13 as a guide, Collins decided to
excavate Tall el-Hammam, an extensive and heavily fortified site
located in modern Jordan at the eastern edge of the kikkar. First
inhabited during the Chalcolithic period (4600–3600 B.C.E.), the site
attained its maximum size during the Middle Bronze Age (c. 2000–1600
B.C.E.) and became one of the largest cities in Canaan. But unlike
other Canaanite cities that continued to flourish in the Late Bronze
Age (1550-1200 B.C.E.), Tall el-Hammam was destroyed by fire at the
end of the Middle Bronze Age and remained uninhabited for
Across Tall el-Hammam, archaeologists found widespread evidence of an
intense conflagration that left the Middle Bronze Age city in ruins.
They found scorched foundations and floors buried under nearly 3 feet
of dark grey ash, as well as dozens of pottery sherds covered with a
frothy, “melted” surface; the glassy appearance indicates that they
were briefly exposed to temperatures well in excess of 2,000 degrees
Fahrenheit, the approximate heat of volcanic magma. Such evidence
suggests the city and its environs were catastrophically destroyed in
a sudden and extreme conflagration.
If the site of Tall el-Hammam really was the city of Sodom referenced in Genesis 13 and 19 (and that if is a significant caveat), then yes, it is plausible that at least the city of Sodom was wiped out in a volcanic eruption, likely one caused by tectonic activity.
However, there are other proposed sites for these cities, and there is not yet enough evidence to indicate that the Biblical cities have indeed been properly identified by archaeologists.