I don't think so: you will be able to download, but not to run old version (prior XCode 10 or 11 I think) of Xcode. You should in fact see the icon barred to tell it's not compatible.
You will find a complete table here:
https ://xcodereleases. com
You may have to launch from Terminal:
https://stackoverflow.com/questions/64983664/is-it-possible-to-run-xcode11-in-macos-big-sur
Topic:
Developer Tools & Services
SubTopic:
Xcode
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