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For sure. It does happen and can work.
They knocked down streets and streets of Victorian and Edwardian houses in Cambridge city centre to build a shopping centre in the 80s, when a new Debenhams was worth so much more per square foot than old houses that you could suffer the build cost and still make a profit. Of course now that shopping centre sits empty and there’s talk of squishing it to build houses.
Hefty
That's why I think the solution for this kind of deeply outdated, inefficient housing stock is council-led compulsory purchase. Who wants to live in the one renovated house in a street of grow houses? I think they managed something similar in the Welsh Streets in Liverpool but I can't claim to be an expert.