No because, the HBD supply will drop, but also the HBD price will drop as haircut kicks in, and it cannot put a lot of new HIVE in supply. That is the role of the haircut rule.

There is a cap how much HIVE can be created from HBD, even at low HIVE prices.
Plus this will not play out fast, as the UST/LUNA did, because of the 3.5 days price feed.

This is battletested and has happened in the past, as you can see from the post.