Short answer, yes. Existing Mac users looking to update to MacOS Sierra will be able to use Liquid Music. You will need to make sure you have download the latest version of Max 7.3.1 to enjoy the Max for Live functionality of Liquid Music.
New Mac users purchasing Macs with MacOS Sierra will not be able to use Liquid Music. This issue is on our radar and we will be releasing a fully Sierra-compatible version of Liquid Music soon.
EDIT: As of June 2017, Liquid Music is MacOS Sierra compatible.