Yes you can, it won’t be great though.
I used to maintain a Linux distribution called “OpenWM8650” (back in 2011 / 2012) which was specially aimed at the WM8650 and WM8505. It would run off the SD card. Which wasn’t great, but the flash onboard support was horrible at best.
Maybe you can find some old information on it, on XDA because the website for the initial distribution is long gone.
I am currently rocking a Shanling M2X which I bought secondhand for €75,- from the local classified ad websites.
Officially supports up the 512Gb but according some reviews it can do up to 2Tb microSD cards ( https://headfonics.com/shanling-m2x-review/ ). I currently have a music collection of about the same size. The Shanling M2X can drive all the IEMs I throw at it, has enough file system support to read just about anything and has WiFi and Bluetooth. Although the WiFi can only be used to wirelessly sync files (which can be a pro but also a con, depending on how you look at it).
However if you don’t feel like going secondhand, Shanling offers a whole bunch of devices meant for offline playback of local files.