Found the answer in the mailing list archives (https://lists.gnu.org/archive/html/emacs-orgmode/2013-09/msg00234.html). Not allowed.
Vikas On Tue, 4 Aug 2020 at 18:33, Vikas Rawal <vikasra...@gmail.com> wrote: > > Does orgmode macro replacement not work in an +attr_latex line? I was > thinking of using shortcuts for some complex latex syntax. > > Vikas