Yes! I just developed an application that runs on iOS 5.1.1, up to iOS 9.3, which has been approved and is now available on the iTunes store.
First I developed it in Xcode 4.2, tested it on a simulator, and then transferred it to the new Xcode 7.3. I used Objective-C and used if else (checking supported functions, not OS versions) for an OS-specific API. eg. if([UIAlertController class]){ ... } else { ... }
Hope this helps others too.
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