Yes, you can subsample if you have a suitably bandpass-limited signal. But that's not the general case, nor is it what the nyquist-shannon theorem proves, which is where "nyquist frequency" comes from.
Nyquist frequency by the original definition is 2X highest frequency, though some papers textbooks evidently have started using it to mean 2X bandwidth, enough so that wikipedia[1] actually mentions it.
In integrated circuits, IQ mixing isn't problematic as we can fairly easily do gain and phase calibration to correct for the mismatch.
[1] https://en.m.wikipedia.org/wiki/Nyquist_frequency#Other_mean...