Yes, another user already confirmed that the old version still works. I've done the same with the old GoPro app.
EDIT: but old versions have built-in planned obsolescence, because they won't support newer devices (both cameras or smartphones) for very long. My Samsung 360 camera was rendered useless once they discontinued app support.
I have an old Gear VR and a Samsung S3. I don't believe there is any way to use it today. It wants to connect to Facebook to log in, but their auth token has expired.
How? Having an unlocked bootloader or root breaks Safety Net, which disables many apps. You need an unlocked bootloader to install custom ROMs.
Magisck used to be a workaround, but Google has been sabotaging it at the OS and hardware layers, so it wasn't working the last time I tried a few years ago.