I don't think so because the smaller size is achieved by ignoring (= summarizing) changes between each snapshots.
To do WAL replay (= Point In Time Recovery PITR) you'll still need the full incremental WAL files that take up more space (and is already available in PG since like ten years I think).
PS:Usually you'll also take one full pg_basebackup snapshot on regular basis to avoid replaying too much and to discard older snapshot.
So maybe the gain would be to combine theses process. Keep incremental WAL for short term PITR but apply incremental backup to snapshot to reduce long term backup size.
