Yes, you can reflow solder SMT parts with pads designed for wave soldering [including 1206] providing that you design your stencil apertures properly. It's a momma, poppa, baby bear situation. * Wave solder sized apertures will put too much paste on the pads * Reflow sized apertures will put too little paste on the pads * Somewhere in between is just right
As a side, we don't wave solder passive components larger than 0805
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