Well... Actually the answer should be YES and also NO. At least of what I've found until now.
H.264 allows higher resolutions only using a higher level profile which is fine. However on iOS the max profile that can be used is AVVideoProfileLevelH264High41
which according the specs, permits a max resolution of 1,920×1,080@30.1 fps or 2,048×1,024@30.0 fps.
So encoding with H.264 won't do the job and the answer should be NO.
The other option is to use other compression/codec. I've tried AVVideoCodecJPEG
and was able to render such a video. So the answer should be YES.
But.. the problem is that this video is not playable on iOS which again changes the answer to NO.
To summarise I'd say: it is possible if that video is meant to be used out of the device otherwise the video will simply not be useable.
Hope it will help other people as well and if someone else gives a better, even different answer I'll be glad.