It might stop the really low effort attacks of people who are spamming billions of pages where the cpu time becomes expensive, but i don't think the ecconomics work for most scenarios.
The current price for solving a js captcha is $3/1000 https://2captcha.com/ . The cost of cpu time for your PoW captcha is probably much lower. If people are willing to pay the $0.003 for a human to do it, they are going to be ok with buying the much cheaper compute.