There is parallel precedent of sorts. Obsidian’s core Daily Note plugin accepts any date formatting supported by moments.js, as does the core plugin Templates, and the core plugin Unique Note Creator. In fact, all three of those core plugins can have different date formats.
(One might wonder why “date” formatting is handed internally within Obsidian settings for the most part, except for the one case where date formatting is tied to the OS. Noting in the UI tells us to look in OS settings.)