Yes, You can safely have multiple versions (years) of LabVIEW Run-Time Engine installed on the same system. You cannot, however, install an older patch of the same version of the LabVIEW Run-Time Engine.64-bit versions of the LabVIEW Run-Time Engine are handled separately from their 32-bit counterparts.
For example, while you can have Run-Time Engines for LabVIEW 2015, 2016 and 2017 installed, you will not be able to install LabVIEW Run-Time Engine 2015 f3 if LabVIEW Run-Time Engine 2015 f5 has already been installed.
The below screenshot from NI MAX shows a full working software stack.
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