This is possible, the folks at Figma are doing something similar to have a native-like editing experience on the browser. It's hard though, you'd be implementing a whole rendering engine to achieve that.
For the more average application, it would restrict you to one-page apps, failures wouldn't be as graceful, etc. It's not clear that it would be worth it. I mean, the Chrome team tries hard to use GPU-accelerated rendering and are only getting so far, despite working with less restrictions then WebGL.