Yes and yes.
Network based hashing is great to maximise information quality of the hash (compared to other LSH methods). It works to compress existing vectors super efficiently.
Very soon things like language embeddings will skip the vectors and instead networks output hashes directly. These are much faster as the network can learn where to use more bits where it needs resolution, as opposed to using floatXX for everything. It’s amazing to see it work, but not fully there yet.