Yes, it is possible.
“Pure” LineageOS 16.0 (without GApps, without mircoG) runs … for testing purposes.
Banking apps don’t work, but messengers like Signal, Threema and Wire work fine.
Also GoogleMaps(!) and some other apps more.
For purists who also call and SMS with their smartphone a “Pure” LOS16 can be sufficient. So why not try /e/ OS without mircoG?
By the way: The microG packages can be removed via ADB command. How this affects the overall behavior of the /e/ system - I can’t say at this time.