It will work. It's not without various weird issues, though.
On one Windows 10 Home machine, our MDE refuses to run. The MDB compiles without issue to an MDE (and yes, the references are all the correct) but the MDE just won't run unless the MDB is compiled on that machine.
On another Windows 10 Pro 64-bit install, that same MDE runs fine, without recompilation. The MDB also runs and compiles fine. However, attempting to generate an MDE on that machine generates "Error in hidden module: [whatever module name].", followed by , "Microsoft Access was unable to create an MDE database."
The fix is to explicitly reference "DBEngine." before every OpenDatabase command and any other methods or properties of DBEngine. It should be, and is on most machines, implicit and shouldn't require explicitly stating, for example, Set db = DBEngine.OpenDatabase, Set ErrorObj = DBEngine.Errors, etc, though. It's very odd, but that's the fix. Apparently, this happens on other versions of Windows as well, but Windows 10 is the first place we've ever seen it.
We also ran into problems with the installer not properly entering registry entries on the Windows 10 64 bit OS installation. Specifically, the necessary keys for the various graphics filters were put in the wrong place in the registry. This will get you errors with Access complaining that it can't display pictures. The fix involves exporting to a file, the pertinent keys of the registry on any working installation on any OS, starting here:
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Shared Tools\Graphics Filters]
then editing the file so all the entries read like this:
[HKEY_LOCAL_MACHINE\SOFTWARE\WOW6432Node\Microsoft\Shared Tools\Graphics Filters]
Save the file, then import it into the Windows 10 machine's registry.
So, yes, there are some very weird and tough to nail down issues, but they can be worked through. It's not the least bit fun, though, for sure, and information on running Access 97 on Windows 10 is pretty limited. Hopefully, this helps someone.