With cables, yes. And LG did that for a while in fact, they had a VR headset that would plug into the phone: https://www.cnet.com/reviews/lg-360-vr-review/ It wasn't a success but this was more software-related and also some hardware-skimping. It was a good idea, it just seems like the devs forgot to actually try using it before declaring it a finished product.

But wireless the lag is so bad that it's not really usable. Like Wireless DeX. Definitely not good enough for processor-less VR glasses (even the wireless VR streaming from meta does require significant processing power on the glasses end).