Yes, but it's a problem -- particularly for Honda -- if the Red Bull - Porsche deal is already inked. (Pending Red Bull - Porsche announcement at the 2022 Austrian Grand Prix?)
AlphaTauri, even rebadged as Honda Racing F1, is unlikely to be in position to win anything for quite a while [if ever^ ], unlike a Red Bull - Honda tie-up.
Also what happens to RBPT? If Porsche would use the RBPT ICE but supply a Porsche ERS, then what form would a renewed 2026 Red Bull - Honda deal take? Perhaps Honda would offer the same deal to pair a RBPT ICE with Honda ERS, but perhaps offer manufacturing capacity for whatever specialised manufacturing processes that RBPT don't have?
^ F1 is hard as Honda themselves, BMW, Toyota and Alpine and many others have found out!