Yes. .NET Framework versions 4.x install side-by-side. Installing 4.8 will not remove 4.7.2. In fact, 4.8 is a replacement for 4.7.2 – but some legacy apps explicitly check for 4.7.2 and may require the specific version.
While Windows Server 2016 supports up to .NET Framework 4.8, version 4.7.2 is often a requirement for specific legacy enterprise software. However, Microsoft releases security patches for supported versions. net framework 47 2 download windows server 2016 updated
: Close all running applications, as a system restart is likely required after installation. net framework 47 2 download windows server 2016 updated