Definitely. Wouldn't cycling between the low bar and the high bar squat have SOME benefits though? For one, less boredom, secondly, different loading on the muscles and subjecting them to different stimuli etc and maybe braking out of a plateau?
Granted some time will be lost just improving the movement efficiency on the new lift, even if the differences aren't so big (it's still a squat).
In the high bar squat you can also use less weight and stay more vertical which both should be better for back health, right?
I dont think of them as two different moves IF done right. Sure if you do stupid shit like TRY to lean over and drive your ass up like a stripper then the low bar squat is no longer really a squat, its like a deadlift variation. Front squat could work the way you suggested though.
I would use half squat + squat, front squat + squat, front squat + snatch dead instead if you needed another exercise. Moving the bar down a few inches while still maintaining a real SQUAT pattern doesnt change the exercise enough to really work it in as another variation imo. Its simply a way for longer femur, taller athletes to still squat low without as much pressure on the knee.
I have seen several taller guys that can actually stay MORE vertical with the bar in the groove of the rear delts than they can with a higher bar position. They also fail the squat from the LEGS with this placement when it gets too heavy, vs failing everytime from the low back with a higher bar position. Its usually vice versa for long torso, short legged guys.