It's what people say, and it's not offensive, but it's not strictly accurate. And it can be used inappropriately, where some old person who is in fair health and could be expected to live for years dies because something has happened that shouldn't or needn't have happened.

Being infected with Covid is an example. Or, as more is learned, catching Covid and not getting the right treatment.

There are better expressions that have dropped out of use. "Died at a ripe old aged" "Full of years". Of course there is still "Had a good innings". Though I don't think Americans say that - their innings in baseball are pretty short affairs. What is their equivalent saying?