Yes, but to do so requires the premium Nintendo Online subscription, and you're limited to a selection of games, not the whole catalog. There is online multiplayer enabled. The same subscription also gives you access to a selection of Sega Genesis games, too.

More details here.

I was hoping to play Mario 64 online. Is this possible ?

Mario 64 was never multiplayer.

There is a multiplayer mod on Windows via emulation but interaction between players is a bit wonky.

For example, all the NPC's are produced client-side so everyone's enemies wander to different spots.

It's mostly just to play through the game with friends and collect different stars at the same time

I don't think Super Mario 64 can be played online with others, but Mario Kart 64 can. I don't have this premium subscription myself. Just the basic one.