PokéBase - Pokémon Q&A
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Question says it all.

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1 Answer

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Embargo does not prevent the Pokémon from Mega Evolving with a Mega Stone, undergoing Primal Reversion with a Red Orb or Blue Orb, or using a Z-Move with a Z-Crystal.

So, no it doesn't.
Source: https://bulbapedia.bulbagarden.net/wiki/Embargo_(move)

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