No. Unfortunately, video playback performance in Ren'Py is shockingly terrible and even low-res videos would only run acceptably on at least a middle of the road device. Unless Ren'Py addresses this, video playback will never be supported on low end hardware.
At some point (probably closer to 1.0, if ever), we may release a lower-detail mode to improve performance on low-spec hardware and this might lower the bar in terms of what devices can handle video playback, but again, it will probably never work as well as it should without changes in the engine.