In general, no. You have a high-tech vehicle with an advanced all-wheel drive system. Putting inappropriate tires on it limits the performance to the traction that the tires have. You don't need deep lugs so much as you need a cold weather rubber compound. A summer compound becomes very hard (with no traction) in the cold, whether or not you have snow.

Yes, you can get by. Many do, and I have done so as well. Remember though that AWD does nothing to help you stop, though, and drive accordingly.

If you are prepared to drive another vehicle on days when you have poor driving conditions, it is a reasonable approach. That is what I did. I also got by with all season tires on a 325xi at times, simply because the vehicle was so much lighter. The X5 is heavy, and I was OK unless we had real snow, or a freeze-thaw.

If you are buying wheels and tires, I would get winter tires.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue