What happens when you run older versions with the new licesing system?

Can you still use the dongle to run older copies of cubase for legacy projects or is it deactivated ?
Cubase 12 no longer supports my desktop machine so will have to upgrade to a newer machine to use it but still want to work on my desktop for some things

Yes, see Steinberg Licensing: A New and Exciting Era Begins | Steinberg

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