Short answer: Yes.
I understand the the potential problems. I use XP almost exclusively on my computers because I work with a lot of legacy programs, most notably WordStar (WS6) -- that dates me-- running in a dos or command window. Other Dos programs too. I figured out all the tricks of doing this years ago and have much time invested in the shortcuts, batch files etc needed to do my work. (I do also have one or two computers that use Win2000 and one or 2 Win98 -- these I rarely use anymore. But I can still do work on them. One Vista notebook used almost exclusively for copying DVDs.)
Most Legacy & Dos programs will not work in Win7, except 32 bit version -- I have one Win7 64 bit machine configured with Virtrual PC 2007 running XP Pro which works well (as well an occasional fling with Linux, and a virtual copy of WinME which I keep handy because it has a copy of the Oxford Dictionary on it)-- but cannot use VPC 2007 on Win8 -- have tried Virtual Box to do the same -- works for the most part on 8, but have been unable to get access to my network with Virtual Box -- internet, yes. Network, no. (Not an issue with VPC 2007 in Win7). Hyper-V, as I understand it, only works with Win 8 Server editions, so that includes me out.)
So I have returned 3 different new Win8 machines that did not work out for me, despite the time spent of modifying the crappy interface and configuring for my idiosyncratic preferences.
Right now I am experimenting with Win 7 32 bit as a possible solution to the risks involved in continuing with XP, but frankly I cannot afford to upgrade all my computers to Win7, and so plan to continue with XP in the foreseeable future. If the future can be said to be foreseeable.