As far as I understand, the allowed versions setting is supposed to be about downgrade process (ROS will refuse to downgrade lower than this setting). It should not prevent you from booting already installed older version.
Documentation says on “partitions” device mode feature:
does not allow to change count of partitions. If your router is unable to boot, it will still be able to boot into your other partitions. No restriction for crash recovery.
activate (<partition>)
Assigns another partition as Active. This option is available if the "partitions" setting is enabled in device mode (since RouterOS 7.17).
So, to the OP question: 7.12 on part A. copy to part B. Upgrade part A to 7.18. Make part B active. Will it really allow booting 7.12 from part B then?
edit: ok, saw your response Normis. So this means: no restrictions on booting older ROS from existing partition.