Is it possible to play DVDs (or other "optical" media) from file images on Android? Is it possible to open DVDs (possibly with all their multimedia features) from a file image on Android ?

(e.g. Nexus Player)

P.S.: Is other optical media handled similar to DVDs from file images, in general?
VLC can
According to the documentation, VLC can play DVD ISO files and display the relevant menus.
Other players might also be able to play the files if you first unarchive the ISO (using ES File Explorer for instance).