The general consensus for squaring up a board is joint a face, joint a side, plane the other face, table saw the other side.
I cannot get rid of planer snipe to save my life. I have tried every tip and hack I can find and nothing has worked. At this point I’m convinced it’s just the planer itself but I can’t afford a new one. So I thought—if I joint one face, then run the other face through the planer, both sides should now be perfectly parallel. So can I then use the jointer to get down to final thickness and bypass the sniping issue altogether? Is there any reason that wouldn’t work?
In some cases snipe is inevitable, even with expensive tools. It is a good idea to leave your boards a bit longer than you need them. Then when they are to thickness trim them to length and remove the snipe.
As for your question, what you are proposing will not work. You can end up tapering the board.