It doesn't natively support it in the Photos app but 3rd party apps like Moon Player work for the content. None of the solutions are as robust as their implementations on other platforms (i.e. Meta Quest 3) but they're perfectly functional and are constantly getting improved.

I anticipate within 3-6 months, other major offerings will have been ported over and have relative feature parity with their counterparts but with the benefit of the increased resolution and no screen door effect.