The matrix can do 256 levels of brightness. Nrp says you can run “animations at a reasonably high framerate”, I presume he means through the command-line utility. If so, then someone could just feed it right in.
Storing the animation on the module would take a little more effort. I haven’t yet been able to find that amount of memory on the LED matrix modules. But it’s an RP2040 same as the other input modules. And there is usually plenty of memory on RP2040 boards.