Yes I do this on 3 diff large Collector to 123 projects. Also have one using field maps.
I suggest testing all of your workflows offline as they do act a little different. Also Collector offline areas have no integration with 123. That means you have to setup both separately if you want to see a map in 123 offline. For us we just skip the map part in 123 as we just want to grab the point location anyway. You cannot type in corrds if you have no map and it seems like polygons and lines will not work either.
In addition since 123 and collector have separate DBs you cannot see the collected forms in Collector until after you sync.
Hope that helps