All of those can do it (badly, but they can) [c.f., the tail end of
this thread].
What's special about the PW4 and the KOA2/KOA3 is that they have (multiple) waveform modes tailored to white-on-black, which helps avoiding ghosting like crazy, as is usually the case with white-on-black.
On top of that, the Oases also have fancy frontlight shenanigans that prevent you from going blind each time the screen flashes for a full update.
TL;DR: Yeah, there are real hardware limitations to doing it "right" (or at least "less badly").
That's why the "feature" is hidden behind a hidden dev menu on Kobo, for instance.