No, it wouldn’t. When I say I work in a high noise environment I mean that I’m surrounded by enough machine noise that I wear ear plugs to protect my hearing. Active noise cancellation isn’t a substitute for actual PPE. It’d be cool if it worked that way, but sadly not.
Bone conduction works great with earplugs though. The only minor downside is that earplugs make the bass frequencies stronger, so I need to open up the EQ settings and tweak things a bit if I’m listening to music, but that’s not really a big deal. I’m usually listing to podcasts or audio books at work anyway.