Yes, my wife and I each have our own bitwarden account, and an "organization" where shared passwords go. It's worked great for quite a few years now.

in Vaultwarden you can have "organizations" that are like groups of people and you can have passwords there that are accessible by members

No idea how this maps into Bitwarden's own offerings though but all clients support this kind of thing

The downside is you can only share to other users on your Vaultwarden instance. You can't e.g., set up emergency sharing to family members who use cloud Bitwarden.

well this is true the other way around

BW clients support having several accounts at once so you're not forced to choose. Your family can have a regular bitwarden.com account and your vw.example.com account just for emergency access