I have boxes of ammo for my old Steyr 8X56R with a head stamp 1938 and although corrosive it shoots as good as if it were made today. Same with my LC53 M2 Ball ammo. Never a missfire.
So in short, HECK YES... It all depends on how it was stored. I store mine in GI ammo cans in my basement where it is a constant temp. Stored this way it will outlast you or I.
Back in the 80's I was shooting 155mm HE and WP out of an M109A3 Howitzer dated from WWII and the Korean war. Same for the powder charges, fuses and primers. It all was right on target too.