Yes, but with important limitations.
Google supports migrating devices from a custom DPC (using the Play EMM API) to the Android Management API (AMAPI) without requiring a factory reset. This is done through the AMAPI SDK's DPC migration functionality.
Prerequisites:
Key limitations:
How it works:
Notable example: Microsoft Intune completed its migration of Android personally-owned work profiles to AMAPI, with corporate-owned migrations following.
For more context on how DPC migration works and what to expect, see AMAPI publicly adds support for DPC migration.