Yes, iOS 12 works perfectly - barring a woeful battery life, but that's another discussion. Now, looking towards the future, it almost certainly will not be a good idea to update it any further. Battery life is already worse, and performance can only go downhill from here, if iOS 12's exception doesn't become the norm - which, sadly, I assume will be the case.
Battery life for me seems much better than it was on iOS 11, but I don't use it enough regularly to really know and don't have a device with iOS 9 to compare. Like all my iOS devices, I will wait and see how future updates perform before updating. I've left my wife's old 5S on iOS 10 and my old 4S on iOS 6 just because I didn't want to degrade performance and they are only infrequently used.