Yes, you can drive a 1986 Toyota 4Runner with the hubs in the locked position but not engage the 4x4 mode. However, this is not recommended as it can cause damage to your vehicle's drivetrain. When the hubs are locked, the front wheels are connected to the driveshaft, which means that they will turn whenever the engine is running. If you are not in 4x4 mode, the front wheels will not be able to turn at the same speed as the rear wheels, which can cause damage to the drivetrain.
It is important to only engage the 4x4 mode when you are actually driving in four-wheel drive conditions. If you are not using 4x4, you should leave the hubs in the unlocked position. This will help to prevent damage to your vehicle's drivetrain.