Answer
No. Any update operation attempted on an ADO recordset, which is based on an un-registered geodatabase table, will fail.
If you wish to edit the recordset, either register the table with the geodatabase, or use a native OLE DB provider for the database you are connected to. Please refer to the ArcCatalog online help for further information on registering tables.
Note:
The ESRI OLE DB provider is not available through the ArcGIS UI. This article only applies to developers wishing to write custom applications to edit ESRI data sources.