No, renewable gifting cannot be combined with the shared subscriptions feature. This is the only restriction for configuring a term as a gift.
Any payment or dynamic term can be enabled for gifting, and all benefits of existing terms (advanced billing plans, future subscription start date, address collection, etc.) are preserved, with the exception of shared access.
If your use case requires both gifting and shared access functionality, these must be configured as separate terms.
For more details on gift term configuration, see Renewable gifting.