Yes, no, maybe?
I know that's just as clear as all the articles you've probably already read that don't seem to be able to give a clear answer, but that's the entire point. No one but a highly technical Microsoft employee with full access to all of the resources relating to both the technical and 'soft' reasons behind every single decision Microsoft has made regarding which processors would be supported with Windows 11 could possibly tell you that with any authority.
What this should tell you is that all of the articles, complaints, discussions and other noise relating to these decisions are really just so much noise, uneducated user stupidity, and don't really mean anything.
The only thing that truly matters is that Microsoft is telling you whether a particular processor is supported or not and as with my own first-generation Microsoft Surface Go tablet running Windows 10 in S Mode, if it's not supported then it's just asking for trouble trying to circumvent the protections Microsoft has put in place to keep you from putting your device and your personal information and data at risk.
There are significant differences between Windows 10 and 11 and even with possibly supported devices we've recently seen some issues with critical security and other functions with some Windows 11 updates, so purposefully attempting to bypass these checks is simply being utterly foolish and asking for potential problems.
I already pointed out that your Intel processor is clearly no longer supported by the manufacturer, so there's absolutely no support for any updates to either firmware microcode or drivers that would be (might already be) required if a new vulnerability similar to Spectre is or has been found. And since even determining whether a particular technical issue truly affects a specific processor or driver is the manufacturers responsibility, you might never even know that an unsupported processor is at risk of attack or other affects, since no one including Microsoft will be taking the time to determine this for unsupported processors or devices.
I thought what I wrote about Windows 11 above already made that clear, but now I've stated it in so many words. Only a fool would choose to run either an unsupported operating system or attempt to operate on an unsupported device. It's just asking for potential technical issues, data loss, and/or security failures for which you'd have no support from Microsoft if you tried to contact them for aid, because they already clearly told you that in so many words.
Rob