It’s routing. If the following conditions are met:
the two devices are not on overlapping IP address space
all routers between the two devices have routes to the respective IP addresses of the two devices (could just be one router they both are connected to)
no firewall between the two devices is dropping traffic
the two devices are forwarding traffic to a router if it isn’t destined to their local subnet
I would echo that you should try to do this with routing, but in the PPPoE profiles, you will see that you can in fact add the PPPoE interface to a bridge dynamically (not that you should, usually).
One of PPPoE’s features, unless you’re only using it for authorization, is to create an isolated point-to-point link.