Only in one direction. The microphone is only used by the HFP (hands-free profile), which does not support higher quality codecs. You can't have HFP and audio sink active at the same time, so you are stuck with telephony grade codecs any time the mic is active.
The aptX codec allows for CD-quality audio over Bluetooth:
* https://www.qualcomm.com/news/releases/2021/09/qualcomm-adds...
* https://en.wikipedia.org/wiki/AptX
Comparison of three in-ear monitors (IEMs):
* https://www.youtube.com/watch?v=Qk94btRPZI4