Yes, this is possible, but we recommend to consider these values as not really precise and check these e.g. with an optical power meter.

The ""measured"" values of transmit and receive power can vary by +/- 3 dBm, i.e. worst case the determined attenuation could deviate by 6 dB from the real value. With MMF offering a budget of typical 11 dB, it's not reasonable to ""measure"" the attenuation using SFPs.
Nevertheless the connection could be supervised by regularly polling the values and calculating a trend, i.e. whether the attenuation stays constant or declines.