Officially it's not, but some devices support it. So with it enabled I know that my phones link speed is 173 Mbps instead of it's usual 144 Mbps.
I believe this pull request also depends on this one to actually function. Although, you'd need to make further changes to get any of this working at this point anyway. And that's why I tested with ImmortalWrt instead, since it's already got a setting for it.
If you limit 2.4 GHz to N mode and perform a speed test you'll get around 40-110 Mbps. But if you install the GL.iNet beta firmware that uses the MTK driver then people are saying that you should consistently get better speeds. So, I mentioned 256-QAM applying to 802.11n because the MTK driver already supports that whereas the mt76 driver doesn't.