Yes, past 5 years. That’s what the Apple documentation says, since it says it applies to any Mac that was T2 or newer. That doesn’t mean that it would have work

Yes, past 5 years. That’s what the Apple documentation says, since it says it applies to any Mac that was T2 or newer. That doesn’t mean that it would have worked this way 5 years ago. Software improvements with macOS have definitely made the process simpler than it used to be. "Erase All Content and Settings" did not exist in macOS Catalina. Back then, you had to manually reboot into recovery and reinstall the OS that way, which unfortunately did nothing for Activation Lock, and was a confusingly advanced procedure to expect end users to perform in the first place. Now, someone just has to go into settings and click that button and macOS will handle everything. It's exactly like wiping an iPhone, including using the same button name. Apple has done what they can to make this as user friendly as it can be now.