1 -- Yes.
2 -- Be aware that elements will default to the "Existing" Status and may appear differently (or not appear at all!) depending on the active Renovation Filter. Also, View Settings will default to the "Existing Plan" Renovation Filter.
Assuming you have a new ground-up project, be sure all elements are assigned the "New" status and all Views are set to the "New Construction" filter. If the project is a remodel, there will be a lot more clean-up involved (TIP: don't get rid of your existing/demolition layers until AFTER the migration).
MacBook Pro Apple M2 Max, 96 GB of RAM
AC27 US (5003) on Mac OS Ventura 13.6.2
Started on AC4.0 in 91/92/93; full-time user since AC8.1 in 2004