Yes, concrete sewer pipe can be lined, as long as it still holds its round shape. Concrete usually fails from above: sewer gas turns to acid and eats the crown, the upper wall of the pipe. A structural CIPP liner is designed to carry the load the corroded concrete no longer can. A collapsed or flattened section cannot be lined.
The damage comes from hydrogen sulfide. Bacteria in slow-moving sewage release the gas, and on the damp upper wall above the flow, other bacteria turn it into sulfuric acid. That acid converts the cement into soft products such as gypsum. The U.S. EPA report to Congress on hydrogen sulfide corrosion describes a city sewer that lost at least an inch of concrete at the crown, exposing the reinforcing steel. A camera often finds a rough, eroded crown above a sound-looking floor.
Lining works when the pipe keeps its shape. ASTM F1216, the design standard for CIPP, treats pipe that has corroded or lost its shape as fully deteriorated. The liner is then sized to carry the soil and traffic loads by itself, as if the old concrete were not there. A corroded concrete line therefore needs a structural liner of the right thickness, not a thin coating. Loose concrete is cleaned out first so it is not trapped behind the sewer pipe lining.
The honest limit: a liner cannot rebuild pipe that is gone. If the crown has fallen in, pieces are missing, or the pipe has squashed out of round, that section needs a dig-up point repair, and the sound pipe on either side can still be lined. A liner also follows the old slope, so it will not fix a sag. A sewer camera inspection after cleaning shows which case you have.