I think so, I do it all the time, usually as soon as possible. I like to separate building a track into distinct phases: composition and sound design, mixing and effects processing, finalization and mastering. The boundaries tend to be a bit fuzzy for me because I like to start mixing as soon as I've got enough of the track programmed to make it worth mixing. A lot of times I'll listen to the sofar mix and decide I want to add a sound to it, I wouldn't be able to make that decision without hearing the mix.
I do a lot of pop music and I generally like a hotter signal so I set everything to around -12 dbfs for each distinct sound I want in a mix, I've found that for the plugins I use the most -18 dbfs is not enough signal. Sometimes I'll use the same soft synth for more than one part but I want to separate the parts for the final mix. A lot of soft synths like Z3TA will add subsonic rumble even when when the part is living above 400 Hz, without adding an EQ on the audio or instrument track you can't clean that stuff up pre-bounce and if you put the EQ on the synth, you may decide you want the rumble after all, then you have to bounce it again without the EQ.
For example: I usually do between 4 and 20 percussion parts each with their own MIDI track sometimes using multiple percussion synths, if I mixed them in the soft synth I'd have to deal with tiny faders with limited resolution and I still want to add processing. On top of that, I'd have to deal with overs due to summing (kick, snare, clap, hat, blip thingy). Even if I end up gluing them on the sub, I still want to be able tweak the parts individually.
Once I get the drums/percussion and bass tracks sketched out, I'll start bouncing and mixing. Then it's easy to start filling in the blanks.
Once I'm around half way through the mixing part my MIDI tracks are muted or archived and I'm dealing almost exclusively with audio.
YMMV, pick whatever workflow works for you and don't worry about it.