That is possible, yes. Just rarely useful - it all depends where you're trying to go. If you head straight up with enough velocity to leave Earth's sphere of influence, you end up in orbit around the Sun, not the Earth. And in that case, you inherit Earth's velocity relative to the Sun, so you don't just fall straight back down into the Sun. (because 'head straight up' was relative to the Earth, not the Sun).
From the point of view of the game, several of my little green men can attest that coming home from a solar orbit is rather difficult (energy-intensive, time-intensive, or both)
If the plan is to end up in Earth's orbit, you don't want to shoot so far as to leave our sphere of influence. Earth's gravity drawing you towards it is a key component of orbit. But the other component is having enough horizontal (relative to the surface) to keep missing it - and that's what was missing from the parent's "what goes up, must come down" flights.