Yes. Wi-Fi 7 (IEEE 802.11be) is fully backward compatible with earlier Wi-Fi generations such as Wi-Fi 5 and Wi-Fi 6, so a Wi-Fi 7 router can serve older phones, laptops, and other clients. Those older devices still connect, but they only get the speeds and features of their own Wi-Fi generation—not Wi-Fi 7 extras like 320 MHz channels or Multi-Link Operation. To use the full Wi-Fi 7 feature set, both the router and the client need Wi-Fi 7 support.
Source: NETGEAR — What is WiFi 7?