Yes, if there is a "dimple" in the side of your polars.

I suspect most spinnaker boats (without barberhaulers) will have a range of reaching angles that are too hot for the spinnaker, and too deep for attached flow without the spinnaker. The range of angles increases with wind speed. In this case, alternating between sailing high without spinnaker and low with spinnaker can help.

We thought this would work in the Great Texas 300 (~500km) race up the Texas coast. Overpowered on a beam reach in 7' seas and ~20kts of wind, the Nacra 20 just can't beam reach without the main stalled, and jib shape was a joke. Heading up gave us great VMG compared to the fleet. Unfortunately, before we could set the 'chute, we pitchpoled and shredded the spinnaker bag, ending our attempt at this technique. I'm pretty sure it would have worked in flatter waters when overpowered on a reach.

On the first day, in lighter conditions, we tried it without success. On the same day, the leg winner sailed high and laid the finish with a single jibe. However, his success had to do with the gradient wind being along the course and the coastal wind being perpendicular. By sailing out of the coastal wind, he was able to carry a spinnaker with better VMG than those reaching closer to the shore. The leg was 90mi (~150km).