Yes, but not directly via I2S. You would need a USB to AC'97 bridge (rare) or a microcontroller (STM32) to emulate the AC-Link protocol. The datasheet's timing diagrams (Clock: 12.288MHz, SYNC: 48kHz) show that a modern 200MHz+ ARM MCU could bit-bang the interface, but it is not practical.
The codec is controlled via the AC'97 register set (Index 0x00 to 0x7E). Key registers include: alc271x datasheet