Assuming a lobby can be limited to a single sub, time compression is absolutely possible and relatively straightforward to implement in a multiplayer game such as Wolfpack.
In fact, from the perspective of the game, normal time doesn't even exist, so it can run at any (reasonable) pace just as well. All it takes to "speed up time" by e.g. a factor of 2 compared to "normal" is to make all external processes and player actions take half the time that they currently take. It's not rocket science and the primary reason why you don't see many multiplayer titles speed up time is because it's mechanically inappropriate in most contexts - not because it's inherently difficult to do.
Having said that, there's a nuance. In order for time compression to be possible, especially in a multiplayer environment, the game needs to be written with a little forethought in mind to actually be able to implement time variability later. I obviously have no clue if the developers of Wolfpack predicted this possibility or not.
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