No, it must transcode to work correctly, which can be a problem for me too (although I just have an intel card and use vaapi).
I believe there is a container you can use where it doesn't transcode, but it trips up every player I have tried, as they do not like having different resolutions/codecs suddenly swap.
I believe there is a container you can use where it doesn't transcode, but it trips up every player I have tried, as they do not like having different resolutions/codecs suddenly swap.