Thax, no, it can't. I know the version you speak of, and I tested it with my real Atari 800 XL. Turns out, there's no music, and the effects are 'halved' - and that is, those that work. Most do not work.
So it's half-true; you can load -some- of the effects in this demo as single files, but they don't work fully or properly, because they STILL require more than 64 k (small k!) of memory.
However, it could possibly work with 130XE or something.
This would be an excellent demo, if it worked on an unhacked, unmutilated, beautiful, 8-bit stock Atari with 64 k of memory. So much can be done with such a computer, it's a shame these demos always require some unofficial, third-party soldering modifications that most people will never have.
For the record, I don't consider C64's "Prince of Persia" a Commodore 64-game either, for the same reason.
Numen has nice music, absolutely beautiful effects, a very boring '3D' bit between effects, and sadness that comes from the realization that I, like most people, will never see this on a real Atari computer.