Yes. Sonic Generations on Xbox 360 does not require 3D. The stereoscopic 3D mode is a toggle in Options → Stereoscopic 3D. Default = OFF.
360 version runs 720p / 30 fps (mostly). 3D mode drops to 30 fps per eye → feels sluggish. 2D = smoother. Play in 2D.
PC Version (Steam): 1080p/60/120/144 fps, mods (Unleashed Project, Modern Sonic), native 3D (NVIDIA 3D Vision — deprecated). Definitive version.