Does vinyl studio have a way to playback dbx encoded lps?
Sorry, no. I personally have never seen one of these.
I have quite a number of DBX albums that I have recorded. You need to find a decoder - the simplest and cheapest will be the DBX 21. You can find them on eBay for about $50. Note that the DBX decoder was intended to be installed in a tape monitor loop, and the output from the decoder then used for the selected input.