With low enough resolution, framerate and bitrate, you can get a quality stream without significant encoding artifacts compared to any other codec. It is in production right now and has been for a while.
The tradeoff CPU / bandwidth is quite advantageous in situations like this. And no, AV1 HW encoders cannot usually be used, they are not designed for a tight bitrate control or realtime communications like software encoding is usually.
You really want hardware decoding on mobile, otherwise you end up with 40 minutes battery life. Fortunately, for typical videoconference resolutions, VP8 and H.264 are just fine. AV1 is nice to have, though, due to excellent support for synthetic content (screen sharing), and for scalable video coding (a much more elegant solution than simulcast, IMHO).
In the world I live in, the general plan is to stick to VP8 and H.264 for the time being, and to skip to AV1 when it's universally available on mobile. I haven't seen any features of AV2 which would justify waiting for it.
It just doesn’t make sense and will result in extraordinary power/battery drainage at best, or output that’s worse than hardware encoding.
The only way you could get AV1 to software encode in realtime AND low latency on a mid-range Android chip is by disabling or skipping nearly all of the compression/encoding features that make it good at low bitrate.
Yeah but, half jokingly, Zoom does that (draining the battery in an hour) already :P