Absolutely. Unity Hub allows multiple versions side-by-side. Install 2017.4.40 32-bit in a separate directory. No conflicts.
The search for "Unity 3D 32 bit download free" leads to a straightforward conclusion:
Some users prefer to install older versions into a specific directory like C:\Program Files (x86)\Unity to keep them separate from modern 64-bit installations. System Requirements for Legacy 32-Bit Unity