No, process substitution must be provided by the kernel/syslibs, it is not feature of bash. For example there is bash on AIX, but process substitution is not possible because the OS do not support it.
ksh93 depends exclusively on the kernel implementation of /dev/fd devices. I just checked `cat <(ls)` a moment ago on both Linux and AIX 7.2--the latter fails in ksh93t+.
Bash uses /dev/fd when available, but also appears to have an internal implementation which silently creates named pipes and cleans them up. In Bash 5.0.18 on AIX, fake process substitution works just fine, in my testing.
I think the redirection can come first, though (not at a computer to test):