Not without any emulation.
That said it should be possible to write an absolute minimal Operating system, that provides the needed interfaces to support a framebuffer only port of SheepShaver, then rewrite the PowerPC JIT in SheepShaver to target the ARM CPU instead of the x86, and you should get decent performance (especially not having any multitasking OS in the way, under SheepShaver).
That said, I hope that you have a lot of time on your hands if you intend to tackle this task, and a good familiarity with ARM programming, bare metal Raspberry Pi programming, and PowerPC machine language will all be very needed skills.
RPi = The best ARM based RISC OS computer around
More than 95% of posts made from RISC OS on RPi 1B/1B+ computers. Most of the rest from RISC OS on RPi 2B/3B/3B+ computers