Yes and no. I know that's vague, but the old aqueous printers printed at a far higher resolution than any of today's solvent printers and latex doesn't even get close. Years ago we were doing reproduction of artists' original paintings and whether they were water colors, acrylics or oils, the artists were very finicky about seeing every last brush stroke and every hair and whatnot in their reproductions. They would use a jewelers loop to look at this sh!t. Anyway, I think our printer used 7 or 8 colors and we had quite a few people getting them. Some had them on canvas and others had us use water color paper. If done correctly, these prints could last up to 100 years or more if under the right conditions, which is mostly light sources.
I had experimented on some of my own paintings and was quite satisfied, but some of these people were very ornery...... to say the least.
To your question though....... some people could and would be happy with a regular solvent printer, but then you're not really doing a fine art reproduction as the OP had requested.