Not really. Michigan is a home rule state, so as long as a city's Charter is not in conflict with the state Constitution and contains the language mandated by state law, the state really can't just step in and de-incorporate it. It would be highly dubious under Michigan's constitution and home rule law for the state to do as you suggest.
Detroit also has several special provisions written into state law for it, specifically to deal with the funding and service provision needs of a large city. And, of course, there is the little historical matter that the incorporation of the City of Detroit predates the establishment of the State of Michigan by several decades.
I also think that the EFM law probably infringes on the state's home rule provisions [[and on the U.S. Constitution delegation of power over bankruptcies to the federal government), but so far the courts haven't agreed with me.
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