Yes, it is backwards compatible.
The documentation says:
Xcode 5 provides different functionality for asset catalogs depending
on the deployment target for your project:
- For all projects, individual images can be loaded using set names.
- For projects with a deployment target of iOS 7, Xcode compiles your asset catalogs into a runtime binary file format that reduces the
download time for your app.
The new binary file format is only used if your deployment target is set to iOS 7. Otherwise it defaults back to simply putting all of the individual image files into your resources folder, as before.
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