Yes, and most people do. A four-inch drop-point hunting knife handles food prep, cordage, feather sticks and light splitting perfectly well. The two things to watch are hygiene, if the knife has been used for game, and whether it is full tang before you baton with it.
A hunting knife is already a corrosion-resistant, easy-to-sharpen fixed blade with a strong tip and useful belly. Those are the same qualities a camp knife needs, which is why one tool covers both jobs.
Blade length is usually right too: three to four inches suits both.
Hygiene. A knife used for field dressing needs a proper wash before it touches food, and a folder used that way is difficult to clean thoroughly. Fixed blades are easier here.
Construction. Check it is full tang before batoning. A partial or hidden tang can fail at the transition under impact.
Chop. A four-inch blade is not a chopping tool regardless of how well it is made. Bring a folding saw or a hatchet instead of buying a longer knife.