It's not real multi-DPI no but effectively it does work. Does require a pretty decent GPU to render all screens at 200% before it scales them down though.
At one point I was using two 24" screens, one 1920x1080, one 3840x2160. I've tried messing around with settings, until I ended up on xrandr scaling as being, basically, the only solution. Five minutes later, the low-dpi display was in the closet, because I couldn't stand the blurry fonts.
But indeed YMMV here.. There is no way to use non-anti aliased fonts at small sizes this way. For me it is fine, I would set it up the same way anyway but I forgot it's not for everyone.