Only in theory. The induced hyperopic shift from axial length reduction of the eyeball would likely be reversible after the patient's intracranial pressure is brought back down under control. Moreover it is nearly impossible to find the sweet spot for just the right amount of hyperopic shift to negate preexisting myopia, not to mention that astigmatism cannot be corrected this way.

The more important and irreversible side effects include elevated intraocular pressure leading to glaucoma risks, and poor blood perfusion to the optic nerve leading to non-arteritic anterior ischemic optic neuritis (as mentioned in the article inflamed optic nerve), both result in permanent loss in parts of the visual field. The choroidal folds are unlikely to cause any change in vision though.

So all factors considered, it's really not a great way to correct myopia.