I don't think so. Because the relief on the tool shank is typically based on superimposing the maximum parting OD of circular stock.
So if max stock diameter for parting was 1" the circular relief would be something like orange circle - offset a bit more. But cutting into wall thickness of a larger (example 4") diameter would look like this. It interferes with the 1" diameter relief pocket long before the tool can penetrate the same 0.5" At least that's how my parting toolholders look. You would be better off using a straight blade parting tool within its stick-out limits.
So if max stock diameter for parting was 1" the circular relief would be something like orange circle - offset a bit more. But cutting into wall thickness of a larger (example 4") diameter would look like this. It interferes with the 1" diameter relief pocket long before the tool can penetrate the same 0.5" At least that's how my parting toolholders look. You would be better off using a straight blade parting tool within its stick-out limits.