I haven’t ever tried, but I don’t see why it wouldn’t work theoretically. Length would probably be an issue - my necklaces usually are the wrong length to wrap around my wrist in a reasonable way, but I guess that would depend. You would also need it to be super flexible so it drapes well, which might cause flipping.
A better option for usability might be to get a tennis bracelet with a custom extender so it can be worn as a necklace instead. I’ve seen this done a few times.