Not in our experience -- 4K and VR encoding is pretty hard. We uploaded the same video to YouTube (4K Sintel) and counting from the end of the upload, it took 417 minutes before it was available to play in 4K VP9, and 36.5 minutes before it was available to play in 4K H.264. (ExCamera took 0.5-2.5 minutes by the same metric, i.e. 6-30x faster than real-time.) You can certainly do "ready-as-soon-as-uploaded" encoding if the resolution is small, upload bandwidth is bad, and the codec is simple, but as networks get faster, resolutions bigger, and video encoders more complex, it gets more difficult.
Even a real-time hardware encoder isn't enough for the target use-case here, where the user already has the video in the cloud and wants to apply a transformation (like an edit or filter) and then re-encode the results. ExCamera is trying to make that as interactive/quick as possible. "Real-time" on an hourlong video would still mean waiting like an hour for each operation.