As long as it does the antialiasing correctly, then yeah! But I've seen .swf->.js stuff which has the telltale garish seams between adjacent vector objects, showing it's just deferring to the broken AA use of the immediate-mode canvas renderer.
Does anybody know how much of the Flash plugin AA runs on CPU vs GPU? Obviously the older versions were CPU-only, though I'm not sure how much of actual Flash object rendering has moved to the GPU in recent years, especially as a ton of it is bezier based. If it is still fully CPU-based, with GPU just doing blits & blends, then wasm should allow fast enough use of a proper .swf AA renderer without going through canvas's forgetful AA.