Yes, you can do it and I have a few times to cut sheet steel more accurately than using a shear.
BUT, it takes a deal of care. Using a conventional milling technique, the cutter tries to lift the material away from the mill table, so it must be well clamped down all along the length of the cut. If you try climb milling the cutter will push the material down but the backlash on my mill makes this a non starter as it feeds in fits and starts and threatens to break the saw.
If you’re going to cut thicker stock beware the cutter gullets filling up. You’d need fewer teeth with deep gullets for this.
I avoid doing this unless I have no better alternative.
Rob