Yes you can, it will give you the insulation property and a surface to work off but must rest on the state of the floor when the tiles are removed eg are they bowed are there high points. Ply laid and screwed down across existing boards has fewer points of weakness in my opinion and is a solid job.
If substrate boards are the way you want to go then I would hold fire until you can see your chipboard and know what exactly you are dealing with.
tiler
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