Sure, why not. Just remember that suppressors are essentially heat exchangers, needing to cool to be efficient. Also, some exterior coatings are better than others, poor ones will turn fast with a cover.
For the bolt action precision shooter, a wrap can delay the onset of mirage, but it will eventually form. For the small number of consecutive shots, a wrap works very well. But when the heat sets into the can, get the cover off and let the can cool off. Some can makers work very hard to get the cans to dump heat quickly, for those designs, the exterior is one big heat sink and wraps are not recommended.