Can you do a plunging cut with a chain saw? Yes, I've done a couple though I don't recommend it. It can be extremely dangerous for those who don't have much experience with one and still moderately so to those who have plenty.
I knew of one guy that would put one cut down the middle of large logs (a cross section) put gunpowder in it and light it off to 'split' the wood. Not a smart idea in my opinion. as far as the kick back is concerned, that part is only a concern until the tip has entered into the wood far enough it can't 'jump' any more (1-2 inches).
However there are still plenty of things that can go wrong. Pushing the saw to hard can bind the chain and stop the motor, if you are unlucky enough it can be wedged into the log and very hard to get back out. a twisting of the saw or the log can break the chain or the bar, neither are safe problems.
Chainsaw carvers do a lot of things with chain saws a normal logger would avoid.
Ultimately it is possible, but know what you are doing, understand your equipment and make sure you wear all your safety equipment, gloves, helmet, faceguard, chaps, etc. to reduce the chance of an injury should you still feel the need to try.