Sure, you can configure shared mailboxes (and other types of mailboxes that do not require a license, such as room/equipment ones). The set of limitations are covered here: https://learn.microsoft.com/en-us/office365/servicedescriptions/exchange-online-service-description/exchange-online-limits
The most important limitation when it comes to such mailboxes is that you cannot login to them directly. Instead, access is provided by means of granting Full access (or folder level) permissions, and then adding the shared mailbox in your Outlook client. There are also some limitations in terms of size, and feature availability, as reflected in the article above.