Not for long at SAAMI max pressures, might last a while depending on the load, but eventually it would likely fail, I suspect they would have had to improve the underlug also, I think it would have been an entirely different platform so the mag barrels couldn't be used on the SB2 frame. 338 Win mags were also planned.
FWIW, Fanner50 made a 350 Jacob which I think is a 338WM necked up to 358 and Ackley'd IIRC, but he shot reduced loads in it, also had a bolt gun chambered in it.
Tim