No reason why not, provided the projected flight paths don't cross.
For example - aircraft on an NDB approach (gone Beacon outbound) where the beacon is either on the airfield or on the approach. Departures could be released provided they are going straight ahead until vertical separation exists between themselves and the missed approach level, beyond which they can resume own navigation.
There wil normally be a point on the approach beyond which releases are not authorised - Base turn complete, 5 or 6 miles or similar.