I am not sure, but my read on the original disclosure is no. libvips itself has a variant processor for matlab v5 files, which the exploit took advantage of.
libvips also have a block_untrusted mode where it will block unsafe loaders, .mat seems to be marked as untrusted:
vips -l VipsForeignLoadMat (matload), load mat from file (.mat), priority=0, untrusted, is_a, get_flags, get_flags_filename, header, load
libvips also have a block_untrusted mode where it will block unsafe loaders, .mat seems to be marked as untrusted: