If I understand correctly
myvar = a and b or c
gives the same result as
if a:
if b:
myvar = b
else:
myvar = c
e
This is really an opinion question, but for the most part, the answer is no. It goes against multiple style guides, probably because people tend to think it means "if a is true, use the value of b, otherwise use the value of c" rather than the real meaning, which is what you posted.
You probably want the new-ish conditional expression syntax instead:
myvar = b if a else c