Does it matter that the Hebrews 11 believers lived under the Old Testament economy?
No, it does not make much difference. Even though the Hebrews 11 believers lived under the Old Testament economy, that does not change the essential reality because it is the same God. Their faith and trials were before the same God who acts consistently. So the Old Testament setting does not negate their example.
Les explains that Hebrews 11 is not talking about wicked people or backsliders but about God's choicest believers. Even though they were back in the Old Testament economy, that does not make much difference because it is the same God. He then describes their experiences: they quenched the violence of fire, escaped the edge of the sword, were made strong out of weakness, waxed valiant in fight, and turned to flight the armies of the aliens. On the other side, women received their dead raised to life again, while others were tortured and did not accept deliverance, likely because they could have escaped by renouncing their faith. Les also references Fox's Book of Martyrs and notes that early church believers endured horrible persecutions, often going to their death singing hymns, just like Paul and Silas in Philippi.
Quenched the violence of fire, escaped the edge of the sword, out of weakness were made strong, waxed valiant in fight, turned to flight the armies of the aliens.
More Questions
Who is Hebrews 11:34 talking about — wicked people or God's best believers?
Hebrews 11:34 is not describing wicked people or backsliders but God's choicest believers, so the verse's hardships apply to the most faithful saints.