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Yes, it is capable to. I have tried Jellyfish video, 120 Mbps 4K UHD HEVC 10 bit. This is a super deadly combo. SD636 plays it smoothly using H/W or H/W+ decoder in MX Player (1.9.24). At the 140 Mbps 4K UHD HEVC 10 bit with TrueHD 5.1 sound, only H/W+, H/W not supported (seems missing audio codec). As long as one decoder works, it is playable.

At SD625 (RN4), even the lowest 3 Mbps HD HEVC 10 bit video there, already lag and dropped to S/W, can't decode in H/W nor H/W+. This is also something that SD820 can't do in its time. SD820 is capable (hardware), but a lot of vendor messed it up and don't put the proper software/codec to decode it.

In SD636, finally we have the hardware and software/codec enough to basically decode any video. (I haven't tried 4:4:4 video though) It should hold up for quite long until the new video standard (AV1) becomes mainstream. And by that time, you probably have upgraded to newer phone.

Additional info :
Same 120 Mbps video, switch to S/W, immediately black screen. So the VPU/DSP is powerful enough, but the CPU is not capable to pull the 4K. But S/W still can play 90 Mbps FHD HEVC 10 bit, not smooth though. And you don't want to play video using S/W, it will kill your CPU and battery. (At my previous phone test, H/W or H/W+ gives 8 hours but S/W only 3 hours playtime.) I don't try any bitrate above that, since we rarely have content with such a very high bitrate. At that kind of bitrate, we would run out of storage first. (30 seconds video already 500 MB; 2 hours movie will be 120 GB!!!)

Other RN5 users are welcomed to do the test. To get the sense on whether it is smooth or lag, try the same video at other SD625/SD820 phone. Or at RN5, try FHD video below 90 Mbps and switch to S/W decoder. Other SD636 phone should be capable the same, but I only tried at RN5.

Here is the link to the jelly fish video : http://jell.yfish.us

# hide the volume, brightness and disk eject button false-hide, true-do nothing
[systemui.icons.status]
volume=false
eject=false
screenbrightness=false

# packages of white list applications that are not killed when the device goes to sleep.
[mtce.whitelist]
info.mapcam.droid
org.adaway
com.audlabs.viperfx
com.maxmpz.audioplayer
com.kunkunnapps.os8.keypad

# basic settings
[mtce.settings]
# If the radio is not in the talk mode, you can use the end key as "back"
hangup_as_back=true
# The level of safe volume installed before turning off and back on the radio
volume.safe=10
# Alternative mode for switching packets using the mode button
mode=true
# Alternative screensaver mode: true-enable, false-turn off
screenclock=true
# the names of OBD devices, separated by commas
# If there is no line with the device name, a function is called from the firmware
obd_device=OBD,SPP-DUAL
# GPS time synchronization at power on
sync_gps_time=true

# packages that are switched to the carousel (button MODE)
# in the example of Radio, Music and Video
[mtce.mode]
com.microntek.radio
com.microntek.music
com.microntek.media

# increase the volume depending on the speed
[mtce.speed.volume]
# true-enable, false-off
enable=false
# speed thresholds at which the volume will be increased
speed.volume=40,80,100,120,150
# Increment speed increase, default 1
volume.delta=1

# list of application-exceptions, in which the screensaver will not start:
# in the example of Yandex-maps and navigator and the regular player
[screenclock.exceptions]
com.microntek.media
ru.yandex.yandexmaps
ru.yandex.yandexnavi
com.navitel

# Radio settings
[radio.settings]
# show pop-up messages: true-enable, false-disable, default false
toast=true
# font size of pop-up messages, 24-increased
toastSize=24
# show the name of the radio station in the field for RDS information when RDS is off
# the name of the radio station is taken from the corresponding button.
names=true
# sending information for the modified staff widget
widget=true

# settings of the standard modified widget
[widget.settings]
# show information with the name of the radio station
radio=true
# name of the field with the name of the radio station
radio.name=txt_StationName

# settings of the staff player
[music.settings]
# Alternative cover if the standard does not work. Default is false
cover.alt=true
# pause after a call. false by default
play_after_call=true
# show popup messages when changing a track, default is false
toast=true
# font size of pop-up messages, 24-increased
toast.size=24
# format of the pop-up message, you can use %title%, %album%, %artist%, %filename%
toast.format=%artist% - %title% - %album%

# Bluetooth settings
[bluetooth.settings]
# sorting in the beginning by Cyrillic characters, default is true
sort=true

[bluetooth.quickdial]
# number per button (3) (Long press button 3 in the Bluetooth application)
3=+11111234567

[android.microntek.service#keys]
; dvd -> yandexmaps
app_296=ru.yandex.yandexmaps

[com.microntek.music#keys]
; mute -> pause
event_258=257