Yes. This is what I switched to and it has been working well so far. My Unraid box's processor is apparently too old for a Libreelec VM but the pi seems like an acceptable alternative.
The advantage of a pi or VM over the headless variant (as was mentioned earlier in the thread) is the ability to easily adjust your scrapers, settings for those scrapers, etc. That is probably possible with the headless version as well but I wouldn't call it easy.