Yes. With tie, not a problem, because you have top button buttoned and you have a jacket covering the sleeves showing. No tie, then your undershirt has to be v neck or beater.
This is the real issue. V neck undershirts only. And pro tip, go grey with the undershirts... They don't show through like a white shirt can. A guy I work with not only wears shirts two sizes too big, but also always has the (non-V neck) undershirt showing at the top... That's a sloppy look.