In theory, yes. However as the Germans say "the devil is in the details". The .patch file for magento 1 for PHP7 compatibility is around 1.9 MB (iirc)! In the standard PHP5 project you have literally millions of lines of third party code, that one shold not touch with a stick. Are you really going through all of this code to check if something is maybe going to break at runtime? What if the legacy project has 0 tests?
Another problem are the Docker images. The PHP project still provides Docker Images for 5.6, however to my knowledge they are not updated anymore (perhaps I'm wrong). So what about all the security vulnerabilities in the underlying linux image? (I just verified and the latest php 5.6 image is from January 2019)