Hi Josh,
(This isn't a CameraX question, but I'll answer anyway to save you trouble)
Unfortunately, no - high-speed recording is generally very taxing for a mobile device, so the only supported mode of operation for it so far is to send the frames straight to an encoder.
In theory, if a device is capable of doing more at such high frame rates, it'd list 120/240fps in its normal target FPS ranges, instead of only in the high-speed ranges. Then the full capabilities of camera2 would be available at those rates. Unfortunately, I'm not aware of any devices that do so today, probably because that's a lot of flexibility that'd be required at those high data rates.
That said, other features with high bandwidth like 4K @ 60fps do exist today, so it's certainly a place where more flexibility could be added, even if it's not the full abilities of camera2. Nothing is currently on the short-term roadmap, however.
- Eddy