Interesting question.
It seems that the short answer is yes and no, there is some Maillard reaction that goes on at high pressure (400 MPa or more; normal air pressure is 0.1 MPa). However, this has only been studied in model systems using glucose and lysine in buffered reactions, so by default this is in a liquid system, not a solid-liquid system like you describe. It seems this is also largely studied at fairly low temperatures, around 60 C or 140 F.
I found a fairly recent (2003) study here, with the full article here (likely paywalled) that indicates there is a strong pH dependency to this. At pH 7 (neutral) there is an inhibition from pressure, but as you become more alkaline (up to pH 10) there is some promotion of Maillard reaction, even at standard air pressure. A similar study (also paywalled probably) in 1991 found similar results up to 500 MPa.
The study also looked at browning and found a strong inhibition of browning by pressure, with almost no browning of the solutions taking place at high pressure.
However, in your system you are only looking at 1 MPa, not the very high pressures described in the articles. There is not really any precise way to extrapolate from the data in the papers to your system (liquid-liquid vs solid-liquid), but it looks like you could undergo the Maillard reaction, and probably brown too, but I can't say for sure.
- Moreno et al J. Agric. Food Chem. 2003, 51, 2, 394–400.
- Tamaoka et al Agric. BioI. Cherm., 55 (8), 2071-2074, 1991