Yes, ADV7612 can support output of 1080p50/1080p60 in 16bit SDR 4:2:2.
Is there a reason you prefer OP_FORMAT_SEL = 0x90 (16-bit SDR 4:2:2 Mode 4)
rather than OP_FORMAT_SEL = 0x80 (16-bit SDR ITU-656 4:2:2 Mode 0)?
I don't see the pinout of OP_FORMAT_SEL = 0x90 in the documentation, so I'm a little nervous to recommend you use it. But I can do more investigation if you think you need that mode.
-Matt