Perhaps, but, the situation as it stands that the PL and its teams are incentivised to want relegated teams to come straight back up. That may manifest as, say, deciding to send that in-demand loan player to Leeds, not Sheffield Wednesday. Or even, a mid-table Prem club not being as motivated as they might be in end of season games that might mean a side deemed more likely to bounce back goes down.
It’s all a little less direct and obvious, but whichever way you go there are potential conflicts. Just another reason why parachute payments should be scrapped and money from the PL distributed equally, not based on whatever division you used to be in.