Yes. Actually, it is recomended for thunderbolt 1/2 equipped macs to use a thunderbolt 3 egpu case together with the adapter.
There is a script available to circumvent the thunderbolt 1/2 egpu blockage Apple implemented starting in High Sierra 10.13.4.
For older macs it might be best to use Sierra for this. I have a macbook pro 15 (2011) under 10.12.6 with a hardware disabled dgpu sonnet egfx 550, which runs a sapphire rx560 4gb gpu and I use it daisy chained with a caldigit thunderbolt station 2 with no problems at the moment.
For games the egpu performance is average, but for gpu based apps like davinci resolve or final cut pro x it is a godsend and makes your mac scream, so to speak. My rendering times are about 10x as fast compared to the internal intel hd3000.
Check
https://egpu.io for information and troubleshooting, too. The community there is more widespread.