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Yes. You can still spay her. Absolutely. Spaying is still better for her health, even at her age.
You can breed her but you need to keep in mind that she will need a full exam (hips, eyes, etc) and she will need to be up to date on all vaccines, deworming, etc. You also need to be aware that these little dogs often need cesareans and specialized care at delivery time because of their size.
Please let me know if you have more specific questions. I would be happy to help.