IPP is library of optimized functions in different functional domains, including signal and image processing, so of course you can use IPP to speedup video processing, like video effects. Just notice that IPP does not contain functions like do_video_transition_effect. Instead it contain primitive functions, which you may consider as building blocks for complex algorithms, like what you trying to do.
I would suggest you to take a look on IPP sample package and namely to picnic application in image-codecs sample. This application demonstrate image slide show with alpha blending as a transition effect.