No, because others can still look for it. And you're accepting the penalty as well.
Many years ago,I was playing in a Mid Am qualifier at Southern Hills. On the long 3-par on the back(13?) with OB left,a guy in my group hit his tee shot on a line toward OB but I THOUGHT I saw it come down in bounds and told him. He announced a provisional, re-loaded, and knocked it in the hole. Just so happened a USGA official was standing there.
The guy almost sprints toward the green while only cursorily looking for his original tee shot. I'm walking about 50 yards behind him and just as soon as he reaches in the hole to pull out his ball, I see his first tee shot --right in the middle of an oak tree's roots.
He asks the USGA official if he has to play his original--but I'm pretty sure he already knew the answer.
Long to short,after several really ugly stares at me and an unplayable,the guy makes 6 after he thought he'd made 3 the hard way.
And he missed qualifying by 2 shots.
I never did make his Christmas card list.