Can I set up our account in such a way that all hours worked on a specific day of the week use a unique earning code?

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Since earning codes used for an employee for all clock-ins are driven by their default earning code, it is not possible to set up a quick setting to make all punch-ins for a specific day of the week use a unique earning code/rate.

However, you can set up holiday rules within timekeeping to treat a specific day of the week as a "holiday" and set up to use a unique code for those holidays. If you choose to do this, you will need to maintain the upkeep of adding future holidays as needed. Learn more in Toast Payroll: Add Company Holidays.