Yes. I personally tested two 16M chips. Special thanks to ProtoSupplies for sending me 3 of the earliest sample chips. I soldered them onto 2 Teensy 4.1s. First board got one plus a flash chip and the other got a pair of the 16MB chips so I could test 32MB.
But make sure you're using a recent version of the software. Those 16MB chips are relatively new.