As mentioned yes it is possible and in fact you can set up a plan to do the backups regularly as well. Thing I noticed though is this (at least I ran into this and maybe I did something wrong) but if you do set up a plan to regularly do backups of the logs and db and you have a failover you won't be taking backups on the mirror which now became the Principle.

I didn't catch the failover once and we went a few days without backups. My log file also grew because the log backups weren't happening. So yes it's possible just make sure you are aware of all the other aspects of mirroring when setting it up.