Yes it would, and it has been used as such. As KPS said, try to find one locally. Make sure it fits your hand, and get a heavier (steel?) model rather than lightweight aluminum.
One warning: the "carabiner as brass knuckle" idea isn't exactly a secret, so a cop could possibly still say it's a "dangerous weapon" if you are caught using it. Kinda like walking around with a roll of quarters, which got me questioned at an airport once.
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