Yes. They are designed for that, and have procedures in place for when it happens, just as they do for a GPS failure.
(Specifically: https://en.wikipedia.org/wiki/ETOPS)
I would not be OK with a pilot who didn’t plan for the possibility of engine failure.
If you run out of fuel because your GPS is jammed, there’s a good chance you’d have run out of fuel if it failed in another more normal fashion.