In theory yes. In practice, your test suites are not all-encompassing perfect oracles.
And if you discover that "hey, changing X broke Y but we didn't catch it before", then obviously you rollback the change and start working towards how you can prevent it in the future.
Of course there will always be fuckups, but this strategy wouldn't make it harder/easier to rollback those changes.
And good luck getting a SOX auditor to give this process an OK!