Yes it's supported. Thermal limitation is documented in note 3 of Tested processor list, which doesn't apply to you:
3. Supported under the Intel® Server Board S5520UR and associated SKUs (SR1600UR, SR1625UR, SR2600UR and SR2625UR). When using this processor with a 1U system (SR16xxUR), use only Single or Dual Rank DIMMs due to thermal limitation.
Use the passive heatsink that comes with your system. No additional thermal solution is required.