I have installed VS 2019 16.10.4 and the latest OneAPI toolkits (Base+HPC) and have not encountered any issues ( such as link errors etc) using the classic compilers. Tested with large C++ projects and some FORTRAN projects as well.
I realize this is not a supported configuration but it might be useful information as VS is pretty pushy when it comes to getting you to upgrade from older versions.
As per the release notes of the oneAPI base toolkit (2021.3), VS-2019 16.9.6 and VS 2017 15.9 versions are supported.
Other VS-2019 or VS-2017 versions may also work but are not tested.