Not only is there a room for an alternative approach, one will have to be found because neither of the two existing ones is overall consistent. The standard model as we know it is supposed to be a perturbative approximation to a yet unknown master theory. The most popular particle interpretation of it is in terms of a Fock space that actually involves no fields, and has particle configurations and creation/annihilation operators instead. It is good enough for perturbative computations with Feynman diagrams, but can't work non-perturbatively because as Malament showed no position operator can be defined even in free QFT. No positions - no particles.
It was originally thought that the field, a.k.a. wavefunctional, interpretation can escape this problem because it can make do with non-point localization operators. Instead of particle configurations it describes QFT states as superpositions of classical fields (the wavefunctionals), and observables as operator-valued fields. This is analogous to the Schrodinger interpretation of quantum mechanics. However, since the wavefunctional space is mathematically equivalent to the Fock space, it can't work either. More explicitly the problem is the following. On one hand, spacetime symmetries are supposed to produce physically equivalent descriptions. On the other hand, rotations of so-called coherent states produce unitarily inequivalent representations in the wavefunctional space, so "equivalent" states have physically inequivalent field content. See Baker's Against Field Interpretations of Quantum Field Theories.
The plurality of unification schemes show how non-unique the current framework might be. String theory alone offers vastly different reinterpretations of it, while loop quantum gravity tries to preserve at least some flavor of the field interpretation.