I haven't managed to find a way to answer this in practice, but I could imagine it working.
Let's say you're on 1 segment of health. You get hit midair (bringing it down to 0), and manage to grab on a coin before landing AND the health meter shattering. A very unlikely situation, but if it occurred, would Mario get his life segment back before he dies? Or will nothing happen and he dies anyways?
If he survives, maybe it would be a niche way to clutch a boss fight...