Using the figure below as an example, I wonder if it is possible that the small oscillations in the signal at the time of each step shift could be caused solely by the application of a low-pass filter to a pure square wave?

Using the figure below as an example, I wonder if it is possible that the small oscillations in the signal at the time of each step shift could be caused solely by the application of a low-pass filter to a pure square wave?

These ringing artifacts are due to the Gibbs phenomenon. They are indeed caused by lowpass filtering a function with discontinuities. What you see is basically the oscillations of the step response of the lowpass filter. The oscillations can be reduced (or completely eliminated) by choosing a lowpass filter with less or no ringing in its step response. E.g. a Gaussian filter has no ringing at all. However, lowpass filters with well-behaved step responses perform worse in the frequency domain in terms of passband deviation, transition band roll-off, and stopband attenuation.
I think it is worth pointing out that any lowpass filter will reshape a pure square wave to something like in your illustration, regardless of the filter being used.
Reason is that a pure square wave requires an infinite amount of harmonics (a square wave is made of a fundamental frequency and odd harmonics at a level of 1/h). The moment a lowpass filter is applied - you no longer have infinite amount of harmonics, thus these ripples start popping out.
In the following illustration, only 5 sine harmonics are shown, but the sum (resembling square wave) is that of 60. You can see the ripples there as well. The way to get rid of them is to carry on adding harmonics ad infinitum. If you do so and then apply a lowpass just above the 60th harmonic - you'll get something similar to the square in this illustration:
