Yes and no. Outlook tends to make the image fit its actual size, regardless of your CSS and HTML values. Thus, using images that are larger than what you want to display on your desktop is likely to violate Outlook.
The best choice for responsive images is that the images will have a width of 100% inside the table with the maximum width. Then, around this table, create the conditional code for the MSO that contains the maximum width set table.
Example below:
<!--[if gte MSO 9]> <table width="640"><tr><td> <![endif]--> <table width="100%" style="max-width:640px;"><tr><td><img src="image.jpg" width="100%" /></td</tr></table> <!--[if gte MSO 9]> </td></tr></table> <![endif]-->
There will still be some quirks using max-width, as not all clients support it. I would consider CSS compatibility and work a bit on this to make sure it works. Then check the test and check a few more.
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