Nope, It only does 4/4 time. Tell your band to stop being hipsters and conform like everyone else!
I've had a few internal conversations about this myself. tbh, 100% of the artists I've worked with (which is a lot) use 4/4, so I never brought this up in the past, but I do see where you're going with this, as I've had the same thoughts.
I wonder how Ableton link works if Ableton is set to 3/4 ?