Is referencing a .NET Core 2.0 package from a .NET Core 3.1 application supported

I can't find a clear description of what is supported in terms of backwards compatibility i.e. can newer versions of .NET Core/.NET reference packages targeting older version of .NET Core?

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* ID: 5b3638c9-ea3c-1c9e-2763-5c3e8e965663
* Version Independent ID: aff99d6b-9471-9277-160b-670ee8028b53
* Content: [Cross-platform targeting for .NET libraries](https://docs.microsoft.com/en-us/dotnet/standard/library-guidance/cross-platform-targeting)
* Content Source: [docs/standard/library-guidance/cross-platform-targeting.md](https://github.com/dotnet/docs/blob/main/docs/standard/library-guidance/cross-platform-targeting.md)
* Product: **dotnet-fundamentals**
* GitHub Login: @JamesNK
* Microsoft Alias: **jamesnk**