Sure ot can. Video is video. Of course you will need to spend additional money un plug-ins like Mettle's Skybox.
Sky Box does some amazing things but VR video has a host of other production problems that you must be aware of and compensate for if you are going to dabble into that kind of production. It's not easy or automatic. Expect to spend days if not weeks figuring out how to make it work for anything but the simplest of setups.