Generally no, and that's a feature, not a bug. The main problem you run into is dynamically linked dependencies. If a program depends on some particular behavior in a particular version of a library that has been updated, it won't work on a modern system with modern libraries. You can work around it in most cases, but it's not particularly easy or straightforward.

Old programs with statically linked dependencies might work, but you run into issues where the GUI framework is broken or incompatible or your window manager doesn't like it. Lots of little random stuff like that.

Windows is best in class at backwards compatability, though whether that's a good thing is up for debate.