Yes. Legacy Public Folders can be migrated out of Enterprise Vault for Exchange and into:
Office 365 Public Folders
Microsoft Exchange Public Folders (either Legacy or Modern Public Folders)
PST files (for ingestion into any target platform that supports this format)
Public Folder archives in Enterprise Vault for Exchange (e.g. a newer version of EV)
You can also use Transvault to migrate Public Folders still hosted on Exchange into Office 365.