You can do it, but it is unfriendly to that model. If you track migrations, you're tracking the changes on top of a change system, so you'll often have to track down which file has the latest version of something manually instead of relying on the VC layer.

If you don't track migrations, and track only the latest CREATE statement, you can't deploy to a real system with that.

If you track both migrations and a final state, you'll end up in an awkward situation, because you'll likely have to do your migrations first and rely on automation to render your final state (in how many files? under what criteria?) or manually copy-paste it without making mistakes while coming up with your own structure. Or worse, writing on the final state set and then carefully copying changes back to migrations.

It's certainly not the worst thing in the world, but it is very unfriendly compared to the usual way of development under version control.