Used to do it all the time
My previous boat (18 footer, shoal keel) was easy to launch using a rope tied to the trailer and to the hitch on the truck - I could literally let it out by hand until it was deep enough to float off. Now I use a home-made extension that is just a 4x4 cut down a little at one end to fit a strap welded under the trailer tongue and having a female hitch fitting at the other end. It works pretty well, and when the rear truck tires are starting to get wet, I know she's about deep enough. As others have said, though, BE SURE to check where the ramp ends and what the bottom is like from there on out. At my marina the bottom is still pretty consistent and I think you could keep backing the trailer if necessary. We have a nice mark on the dock to indicate where the ramp ends. There are numerous horror stories about blunders at the ramp, including the guy who didn't release the hold-down straps on the boat or set his handbrake, and saw the floating boat and trailer pull his truck down the ramp into the water. I wonder if a big truck inner tube or two could be used to float a sunken trailer?