Yes. And you don't even have to replace any parts to run normal fluid.
I swapped my B5 to regular Dex III ATF when I replaced my pressure feed line. Got tired of buying the special stuff. I believe I left the cooler line off and ran it out once or twice to get the old stuff out. There is nothing in the system that requires the magical CHF fluid. The benefit of CHF11S is that it supposedly gives more consistent performance across wide temperature fluctuations, especially in low temps (and probably some other minor benefits).
If you have all/most the fluid out for some reason, I would use that opportunity to consider converting it to the peasant fluid for easier and cheaper maintenance. If your B5 is a perfect specimen with 50k original miles and has the most amazing, premium steering feel ever - maybe leave it alone.
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