Yes. It works pretty well, still needs some tweaks around the edges as best I can tell. Installing legacy software, "leaky" software, shareware and isolating a web browser are good examples of uses for sandboxing.
As others have rightfully pointed out, that's what VM's are also used for. The difference between Windows Sandboxing and VM's though is VM's have a much heavier footprint than Windows Sandboxing does. So if you're concerned about sharing resources on the same physical PC with a VM, look at Windows Sandboxing.
All my VM's run on their own dedicated 8 Core 64GB server at home, my "daily driver" PC doesn't run my VM's.
I have old files created in early versions of WordPerfect that I like to access. You mentioned Sandbox is useful for running legacy programs. Is there any benefit to using it over the general OS, with which I can run later versions of WordPerfect?