afaics the plugin activates everything that a md file can do from the page.
But nothing that requires Obsidian to target and recognise the file as an md equivalent works. I assume that requires changes deeper in Obsidian than the plugin can reach.
I don’t see any reason why it wouldn’t be possible for Obsidian to display a txt page in the same way it does pdf. That should enable transclusions.
Links, tags, backwards links, graph etc would depend on Licat deciding that any obstructions could be circumvented. He’s more than busy enough with higher priority issues (mobile) now, so I wouldn’t want to distract him with this, but it might be worth raising again when the switch to codemirror 6 and WYSIWYG moves to the fore.
It would certainly open a lot of doors if it could be done.