Yes, there is actually an undocumented advanced option to do this:
<replay-web-page ... config='{"liveRedirectOnNotFound": true}'>
I think it wasn’t fully tested, but could definitely make it a more clearer <replay-web-page liveRedirectOnNotFound>
Let us know if this works for you.
Note that it will redirect the entire page, not just the embed, because there’s no guarantee that the page could be loaded in an iframe otherwise. Are you looking to load the live page in place of the embed?
There is also additional, experimental replay work for replacing an entire domain/subdomain with replay. Depending on your use case, that may be of interest as well.