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NO it is not possible:
In IRIS for Windows (x86-64) 2020.1 (Build 215U) it is compiled.
But at run time you get an SQLCODE=1 and an error message for a bad SQL statement. 
Better compose an SQL string  "SELECT name FROM "_table and process it with some ResultSet class, 

The embedded code in the class we know from Cache is gone.
It all generates into  a %scqlc.* class


Extending the reply of @Robert Cemper

  • The following query compiles without errors, even though Studio highlights the error
    &sql(select :fieldname into :fieldvar from :tablename)

    Everything is fine in Caché: the error occurs at the compilation-time.

    In order for an error to occur in IRIS Studio too you need to use the flag /compileembedded=1

  • It is strange that the documentation mentions field name, but there is no mention of table name:
    A host variable cannot be used to pass a field name or keyword into an SQL statement. proof