No. In fact, it'd lead to greater losses, as the majority of sales from the second game would be nullified.
They could have potentially saved more money due to less marketing being needed, but they'd need a lot of changes too. Either the passport disc would be cut or have to be expanded to incorporate Shenmue II content.
Additionally, the longer development time would hurt sales as the Dreamcast faded very quickly over time, and Shenmue II - by the time of its completion - was released after the console's discontinuation.