Yes, if you can multiplex fast enough so that two cycles are shorter than the persistence of vision. So, assuming e.g. 100Hz target total "refresh frequency", in plain multiplexing you would have 10ms for one cycle i.e. 1.25ms per row, here you would have 5ms for one one cycle, i.e. 0.625ms per row.
Then, simply, for half intensity, in one cycle you light up given LED, and in other not.
JW
