Playing chromakey'd footage in real-time in UE5. Is it possible?

Hello, I’ve got a chromakey’d video of a musician that I’ve exported to a video format that retains the alpha channels.
When I import this file into unreal engine, it looks great. When I hit play, it staggers.

I am hoping to be able to play back video files with alpha (or any other way to get a chronakey’d composite to play back realtime) in UE so that someone in a VR environment can experience it from various perspectives.

So, is it possible?

Thanks!