Yes it is. I do this; but, with qualifications .............. is it possible to safely re-use the wire by cutting off the swage fittings and then replacing them with the swageless fittings like the Norseman or equivalent assuming the wire doesn't have any fraying or obvious corrosion?
For a rated coastal design with an apparent structural SAFETY FACTOR of at least TWO, or 'blue water' design with FS≥ 3 to 4 .........
To do this with some guesstimate of structural integrity, its best to have a precise LENGTH record for comparison to any permanent elastic deformation in the wire (indicators of the beginnings of ductile failure or a fatigue/ductile/corrosion failure combo). This is done by accurately measuring the wire assembly + plates (with a defined applied preload) during its 'new' application and then comparing that length measurement later on when deciding to 'risk' just changing the terminal connections, chain plates, etc.
Also included in the length / permanent strain evaluation should be a proof loading to LESS THAN the wire, etc. yield strength - then measure for precise length comparisons while under some/same pre-defined load (to keep the wire 'straight' during the precise measurement).
I would also suggest a 'proof load' (in place, on the boat) at less than the YIELD STRESS value ... you can do this remotely to avoid the 'snapback' if the proof loading uncovers hidden failure. Hint: loading the wire at 90°, dividing the applied load by the SINE of the apparent deflection angle ... while watching your tension gage through BINOCULARS while standing well beyond the maximum length of the wire 'rebound' potential (so if the wire 'goes', your head and other important parts dont get cut off of your body).
For an 'inshore' design at FS = ~1.5, just change the wire, often.