Data Transfer from old iMac to new iMac when OS are different

I have an old fusion drive iMac running Big Sur 11.6 in which the disk is failing and I am not able to update to most recent version of OS. I just purchased a new iMac that is running Monterey. Can I still use Migration assistant to move from old to new? If so should I choose to option to move the "system & Network" info?

Thanks