Sure it can, but if your graphics card doesn't support certain blending operations, it's not gonna work. and Macs generally sucking in that department, it could well be one of those things.... Impossible to tell without knowing more details...
To be honest, implementing Open GL acceleration was never a good idea on Adobe's part, beginning on Day One. It was never properly done, perhaps because the existing code wouldn't allow it to be properly done; I'm no software engineer. The best advice has always been to forget Open GL.
In fact, Open GL was such a bad job in AE that with CS6, Adobe eliminated the option to use it at all. That should be an indicator to you about its usefulness.
Thanks for pointing that out Dave, I had no idea Adobe discontinued it in CS6.