Well, yes it is possible and there are development stacks that support it (Este). You will not be able to reuse visual components as native renderers to native components and react to html, but you can go around it by abstracting your UI and implementing two UI libraries (native, web) with the same API. Then you will be able to reuse most of your code.

Technically I think it is possible to achieve a decent amount of code reuse, but I feel product requirements usually require different functionalities that might make code reuse more difficult, ie. user input touch/swipe vs click.