Well the workflow is a little “clunky” since you have to re-render everything though photoshop if anything is changed. Not sure if / how well PS handles audio and QuickTime.
But sure, you can have a set look in PS and use it as a “transcode and finishing” solution. I have in the past for certain PS-only filters. It really locks things down though.
Another solution would be to add the filter to the used raw footage and reconforming that hence having handles and such remain in the edit.