I think the Dodgers have a competitive advantage in being on the hook for that money later. A lot of teams might not have the financial stability to stomach owing $68million a year from 2034-43, for past performance. They will also have to pay an entire roster's worth of guys to play in 2034 and beyond. So yes, anyone can do it, but I'd guess a lot of teams would be pretty uncomfortable. Any owner thinking of selling someday would be wary of this.
FYI the LT hit for deferred money isn't deferred. LA pays $46m a year for the playing portion of the deal (2024-33), rather than $70mx10, because MLB uses present-day valuation to calculate the tax hit, and those deferred payments make the contract worth $460m in 2024 dollars.
Deferrals have been around forever but usually pay most up front. Even Bobby Bonilla's famous deferrals were just $1m, compared to $5m a year when he was playing. Nobody ever did this much backloading before, probably because players wanted their money now. Ohtani is unique because he makes so much in endorsements back home, he doesn't need his salary anytime soon.