Yes, in fact that’s Ionic’s entire premise: build an app with the same codebase and deploy it to web, iOS, and Android.
To deploy your Ionic Framework-based app (or any modern web app) to mobile, check out Capacitor.
Specific production examples of Ionic Vue (Vue 3 support) may be sparse at the moment because Ionic Vue just came out in October 2020 - and Vue 3 shortly before that. However, Ionic has hundreds of commercial and enterprise customers (built with Ionic Angular and Ionic React) that prove that this development strategy works. You can also wait to see who chimes in on this thread, or ask on Twitter.
As for limitations: most developers building with the Ionic Platform are web developers, so native functionality can be a challenge, depending on your needs (which vary widely by team/company). That said, Cordova plugins are backward compatible with Capacitor, Capacitor has over 20+ core plugins, and the new Capacitor Community GitHub org is Ionic’s way of “blessing” known good plugins/solutions from the broader community.
My recommendation would be to try the first app tutorial to get a feel for Ionic Vue. It covers all the major aspects of Ionic and Capacitor - you’ll build an app that runs on web/android/ios. Hope that helps!