I doubt it. While there is no principle barrier, according to this faq, I have yet to see a single game here on itch with integrated advertisements. Based on that observation and with reading the faq, I can only wonder why this is so.
Do I just not visit game pages that would include advertisements?
Does google decline the application, because the itch platform does not share enough user data, so the clicks would be worthless and far too easy to fake? Is there a minimum traffic threshold or something? The adsense marketing talk sounds more aimed at big online online-games, where you need an account to play - an account in the game.