Yes, technically a Storage Policy with Spool Copy enabled on the Primary Copy can be associated. However, it is not recommended for Exchange Mailbox Agent backups.
Spool copy is not a persistent backup copy, It acts like a temporary staging area, Data is immediately aged/pruned once Aux Copy runs Data exists only until it is copied to another synchronous copy
For Exchange Mailbox Agent: Restore operations depend heavily on Primary copy
Commvault explicitly supports recovery from secondary copies when primary is unusable
Recommended Design (Best Practice)
For Exchange Mailbox Agent:
Primary Copy → Standard (non-spool) copy with retention