Yes, but don't expect coding down to the metal to be encouraged by MS. They were far more tolerant of coding to the metal in the Xbox 1 and that burned them quite heavily when it came time to implement BC in X360 as they had to pay royalties to Nvidia for emulation in any game that coded "to the metal" of the Nvidia GPU used in the Xbox 1.
For X360, MS is far less likely to blindly approve any application that attempts to bypass DirectX.
I have a feeling that titles for XBLA have the greatest flexibility. AAA titles are going to be more in the public eye if claims for backwards compatibility are made. Thus AAA titles will have conform more strictly to DirectX and whatever other approved API's are in use. By doing so, you make the task of BC much easier and much less reliant on gaining approval of pertinent IP holders.
The flipside to that, of course, is that you'll always have a layer of abstraction from the HW which may limit some out of the box ways of doing things.
I'd expect the areas where MS is more tolerant of coding to the metal will be those areas where they hold the IP or have already negotiated useage rights for the IP.
Regards,
SB