It would be nice if the option mentioned in the title could actually provide a proper support for wide aspect ratios and not only a technical one.
It's actually possible to implement, as can be seen in this screenshot:
I've combined BallancePlayer with CK2_3D.dll from PCGamingWiki's Widescreen Fix to achieve such result. I believe that the new executable could be patched to inject the same values used by the modified CK2_3D.dll into the engine on runtime to provide support for such feature without a need for additional file replacements.