It could within some range. It would be best as a heat pump for heating from moderately warm temperatures up to high temperatures, perhaps 40° C up to 100° C, for example.

Note that that's also how a conventional heat pump works, with an HFC refrigerant. Let's say it's operating between 10° C and 40° C. The evaporator pressure will be set up so that the boiling point of the HFC is around 10° C, and the condenser pressure will be high enough to make the boiling point there 40° C.