The 2015 model runs 4K at sub par performance in my experience. It is entirely possible I was pushing the machine too far, and I was spoiled also by the performance of the 2016 rMBP, but it was not workable for me at least.
Then I upgraded to a 2016 model and it was much better than the 2015 model. Workable, at least, when you disable transparency effects.
And then the 2017 that I just upgraded to has improved a bit more so now 4K performance is pretty much on par with the 2016 rMBP. Of course still with transparency disabled.
I'm showing 3360x1890 because:
1. OP asked if 12" MacBook could scale beyond 1080P for HiDPI. I wanted to provide proof that it actually could. 3360x1890 is in HiDPI mode there. The actual internal resolution is about 6720x3780 with everything doubled up. Then all of that is scaled down to 3840x2160.
2. What's the point of running 3360x1890? Well, it's between 2560x1440 and 3840x2160. If you find 3840x2160 too small for comfort, and 2560x1440 is too big, then you can use 3360x1890 instead. This makes sense for some bigger TVs (like 50" 4K) when you add it as an extra resolution with SwitchResX.