Yes, but not at full speed.
ipq8071a with its four 1.4 GHz cortex a53 cores maxes out at a routing throughput of around 600 MBit/s, as you already noticed. The OEM firmware is designed with NSS offloading in mind, which bypasses significant parts of the kernel's netfilter processing and offloads most of the packet process into a proprietary firmware running on its two 1.5 GHz ubicom-LE NPU cores to achieve wire speed.
While there is lots of untapped optimization potential in the very basic (~=bad) switchdev drivers, improving those will take years at best (or might never happen).
OpenWrt itself will never support NSS offloading, as it's way too invasive on the kernel side and would impose a huge maintenance burden on the project; community builds trying to work on NSS exist - but I would not choose this hardware with NSS in mind.
ipq8072a and upwards should get closer to 1 GBit/s throughput, thanks to their faster clockspeed (4*2.2 GHz), but even those are around the limit for these WAN speeds. Mediatek based routers (mt7622bv or filogic 820/ 830, filogic 880) have the upper hand on ipq807x for these wan speeds, as their packet processing has mainline support and considering that their network/ switch drivers and much more optimized than the basic drivers for the ipq807x platfom.
…still applies