You can build it for generic targets, yes. However, as the build page states:
These generic targets can be used with the emulator along with many smartphones, tablets and other devices. These targets don’t receive full monthly security updates, don’t offer all of the baseline security features and are intended for development usage.
If I’ve understood the docs correctly, you can install it in many other phones
You can build it for generic targets, yes. However, as the build page states: