Yes, but from what I can gather there will be some confusion in regards to playing them with improvements thanks to the Xbox Series enhancements available.
Series X - You need to move them to the Series X SSD to be able to play them with enhancements (Better resolution, frame rate etc). If you play them direct from a HDD they will just play like regular 360/One/OG games? (This is my understanding, but it's possible it could work like the Xbox One X did and still give them the benefits).
Series S - Will just play like regular 360/One/OG games as they are regardless.
Either way, you can play them from a HDD or the physical disc on the Series X.