To answer this question explicitly, it's currently possible to jump through some hoops to run kernel extensions, but Apple has been slowly tightening the requirements over the past few years. here's what Apple currently has to say about them.
> Kexts are no longer recommended for macOS. Kexts risk the integrity and reliability of the operating system. Users should prefer solutions that don’t require extending the kernel and use system extensions instead.
"System extensions", in this context, refers to extensions that the OS loads into userspace. Apple is developing userspace extension APIs to perform actions that were traditionally handled by popular kexts. The File Provider API is one of these system extensions. Dropbox used to rely on a kernel extension to intercept file access. File Providers allow them to do the same thing, but, as evidenced by this article, there are limitations as to where the files can live, and there are some bugs.
So if the File Provider API is so bad, and it's sill possible to load kexts, why doesn't Dropbox continue to use a kext?
- In 2015, Apple updated the OS to require that kexts be signed by a certificate in the Apple Developer program. This allows Apple to decide who can sign kernel extensions, and allows them to revoke the signing certificate for individual extensions.
- In 2017, Apple updated the OS to require a multi-step user confirmation before installing a kext. This initially caused some headaches for system administrators automating the deployment of multiple machines, but eventually solutions to this were implemented.
- In 2020, Apple started shipping ARM-based Macs, and by default, they don't allow the loading of any third-party extensions. Instead, users have to go through a process to enable them, and this process can be disabled on managed machines. Here's how Apple describes that process.
> Kext management by the user requires a restart to recoveryOS to downgrade security settings. The user must press and hold the power button to restart into recoveryOS and authenticate as an administrator. Only when recoveryOS is entered using the power button press will the Secure Enclave accept the change of policy. The user must then select the checkbox Reduced Security and the option “Allow user management of kernel extensions from identified developers” and restart the Mac.
All of these requirements can also be bypassed (if the machine is unmanaged or the sysadmin allows it) by turning off System Integrity Protection, which is a similar process as described above. However, disabling SIP disables a lot of security protections in the OS, and turning it off shows a lot of scary dialogues to dissuade users from doing it.
And for most users, SIP is a good tradeoff. It protects against a lot of things that malware can do. It prevents code injection, so dtrace doesn't work with SIP on, but if you're not using dtrace, there's little reason to turn it off.
Either way, the process is complicated enough that not enough users will do it in order to provide a mass market for Dropbox. Apple is also pushing Dropbox to use the File Provider API with the implicit threat of revoking Dropbox's signing certificate for their kext. Apple will not issue signing certificates for products that can be implemented using the userspace system extensions instead, and it's likely that they will continue to restrict the loading of kexts further in the future. Even if users can disable the signing requirement by disabling SIP now, there's no guarantee Apple will allow that to work in the future.