Да.
На устройстве ARMv5 или ARMv6 (CPU) будет использоваться двоичный файл ARMv5 (APP_ABI = armeabi) На устройстве ARMv7 система увидит, что двоичный файл ARMv7 доступен, и будет использовать его(APP_ABI = armeabi-v7a)
В документации NDK мы можем прочитать:
III.2. Android Platform ABI support:
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The Android system knows at runtime which ABI(s) it supports. More
precisely, up to two build-specific system properties are used to
indicate:
- the 'primary' ABI for the device, corresponding to the machine
code used in the system image itself.
- an optional 'secondary' ABI, corresponding to another ABI that
is also supported by the system image.
For example, a typical ARMv5TE-based device would only define
the primary ABI as 'armeabi' and not define a secondary one.
On the other hand, a typical ARMv7-based device would define the
primary ABI to 'armeabi-v7a' and the secondary one to 'armeabi'
since it can run application native binaries generated for both
of them.
A typical x86-based device only defines a primary abi named 'x86'.