Yes and no.
I know it sounds like a non-answer.
The device did not support Hi-Res playback for any 3rd party app when it was originally released. Only the official Walkman app would play Hi-Res at their native sampling/bit rate at the time.
A firmware update released May 2020 added support for 3rd party apps to play Hi-Res without resampling, version 2.00.05. You can update the firmware OTA like any modern Android smartphone.