Is it possible to play video with gpu acceleration?

Of course it is:

https://www.armbian.com/lamobo-r1/

but since we don't provide desktop image, you need to use images for normal Banana:

https://www.armbian.com/banana-pi/

or build on your own from sources:

https://github.com/igorpecovnik/lib

Video accleration works with Legacy kernel and prebuild mpv player, youtubedl, etc. only. It's possible on others too but you need to recompile which is not a trivial task.