Optionally, yes.
As I understand it, it is up to the implementor whether they support the 20Gbps-per-channel speed - which is based on Thunderbolt - and - even if they do that - there are a couple of odd "legacy" bitrates needed for full Thunderbolt backwards compatibility.
If/when Apple implement USB4, it would be madness not to include Thunderbolt compatibility.
However, if there's one thing that we can rely on the USB Implementors Forum for, it is that they will stop at nothing to maximise confusion, e.g. by re-branding old-style USB 3.1 as USB4x1b^42mediocrespeed and specifying a type of cable that only works on Tuesdays. After all, we're talking about the people who managed to design a USB A cable that defied Euclidian geometry by needing to be rotated by 540º before it would fit in a socket
I was slightly bemused by how Apple were managing to run 6K XDR displays from (apparently) A12Z chips with no Thunderbolt (does the XDR support lower resolutions using DisplayPort-over-USB-C?) but then this was in Apple's labs so they probably made an interface from Unicorn horns and fairy dust.