Yes, the option is available and has always been available. My daughter will do 4 years with 2 coops - it just worked out that way for her - between AP credits and wanting to take summer classes - she doesn’t need another term to complete all her requirements. One of my daughter’s deciding factors was that she felt her first coop had been so strong that she did not need three to have a great resume when she graduates.
With the exception of some very strict programs (like engineering) where the semesters are laid out for you, you can be pretty flexible with what you do - number of coops, number of summer sessions etc. You also don’t have to decide the minute you start - you can let your college plan evolve over time.
One of my daughter’s friends (computer major) figured out that with 3 coops over 5 years and free tuition (NMF scholarship they don’t offer anymore) - the 3 coops would completely cover room and board for all his time (including time spent on coop).
Remember for 5 years and 3 coops you have 10 fall/spring semesters where only 7 are academic (so you need 2 summer sessions). For 4 years and 2 coops you have 8 fall/spring semesters where only 6 are academic (so you may need up to 4 summer sessions to get everything in) - which is why most students do not opt for that option.