I'd say a qualified "yes", but only if the surface preparation is done correctly. My comments are based on many years of experience in a northern climate. Simply scuffing the old paint with sandpaper doesn't seem to allow the spray can paint to bond to the old surface well enough. Over the years, with extremes of temperatures, the spray can paint seems to eventually flake off.

On an early 740, the salt would attack the plastic coating on the alloy wheels, resulting in metal corrosion. I ground off what remained of the metal coating and the corrosion, used an aluminum etching compound, then used the Volvo alloy spray can paint and they lasted another 10 years with no problems at all.

On the Amazon, I sand blasted all 5 wheels since I was changing the colour from 42 California White to 46 Red and I didn't want any of the original colour to show. This took me about a day and a half to do, but with a coating of new paint at the body shop, these wheels look perfect with no uneven surfaces, or old paint showing through. If possible, I sand blast any metal parts before painting and have had good results. Like any job, if you have the time and the money, it's worth doing the job properly and not having to repeat the job if you are dissatisfied.
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Cam a.k.a. CVOLVO.COM