yes, i believe so.
I don't know if biodegradation is the right term for it, even if I have no better terminology to replace that term. The best I could think of is ... 'nature'. Your soil isn't the only thing in the tank that is reducing pH. The bacteria is producing more hydrogens during the nitrogenous cycle of ammonia to nitrates and thus also decreasing pH. The water surface and air is exchanging O2 and CO2, and also alter pH. If you add CO2 into the tank, that will reduce pH as well, as we all know. As you can see there are many factors involved, and it's difficult to isolate one as the many cause. But, reducing amount of soil can help.
New soils will produce a greater pH altering affect, but will eventually subside to produce more stable readings. So if you have new soil, keep up with your water changes. Or you can reduce the amount of soil used at the start. Or even introduce some carbonates in the form of shell grit or egg shells, or coral skeletons.
Your soil might be reaching it's solubility limit as it is now. pH4.8 should be about it's limit.
If you did nothing else, that should be as low as it gets.
What soil are you using BTW? ADA Amazonia?
<edit> - just read the first post. Amazonia has been know to drop pH into the 4's when new. It's common, when you use a generous amount. It will slow down when it matures, but you can help it along with some carbonate input as suggested above.