Yes, it's absolutely made for that, which is one of the reasons it has extreme bitrate and frame size agility. Though the decoder doesn't have a back channel to the encoder as part of the format (e.g. a duplex pair is not at all coupled by the codec and could have entirely different settings). So if you want to do rate adaptation the application will have to take care of telling the encoder that the decoder is struggling/losing frames/etc.

The codec also includes a pretty good packet loss concealer integrated, and can also use forward error correction to reduce the impact of loss.