Yes. Gollum possessed the Ring for 478 years without becoming wraithified. I don't think that this is how Sauron intended the Ring to work on mortals. (If he 'intended' the Ring to have any effect on mortals - more likely effects on mortals were accidental by-products of other Ring-features.) At the time of the Council, Gollum has lived for 478 years with the Ring, and say 110 years without it (that assumes the birthday on which he acquired the Ring was his 33rd. No evidence, but it is a significant birthday for Hobbits, as it is then they 'come of age'). Even if Gollum did not age while bearing the Ring, he is still in pretty good physical shape for 110 years old.Actually, I think he is, to some extent at least; Gollum's lack of fading is remarked upon (by Gandalf, somewhere) as evidence that Hobbits are resistant to this effect of the Ring.