Yes. Technology didn't change. So hardware wise it will work.
Although to get over 2TB I think you'll need to use GPT partitions.
Depending on your budget, if you want more performance you could also consider getting a SSD for your OS and programs. And a secondary HDD for your data.
If a desktop, no need to even 'replace'. Just plug in the new one. It will be seen as "D" or "E".
If a laptop, and it only has one drive slot...then yes. Remove and replace.