This Renoir Wiki suggests it does support VCE (VCN) : amd renoir wiki
As a quick recap, Raven Ridge and Picasso APUs employ AMD's VCN (Video Core Next) 1.0 hardware.
According to Wiki, all APU's since Raven Ridge has AMD's new version of VCE installed: Video Core Next - Wikipedia
You might need to enable that feature in BIOS/UEFI in case there is a specific setting for VCN or VCE.