Sure, this will perform the same function as a 90 deg hybrid -> mixers -> combiner. The diagram you show will perform the rejection in the hybrid, while the other arrangement would perform the rejection in the mixers and combiner. You may be able to achieve better conversion loss / bandwidth / isolation in one vs the other, since components may be easier or harder to design at the RF/IF frequency. Sadly I don't know any rules of thumb on their behavior. Anyone who does please contribute. A third conversion arrangement feeds each mixer with LOs 90 degs out of phase. Others with multiple 90 deg hybrids exist as well. (Maybe I'll do the math when I get some free time...)
A reverse image search shows the source of the image with a detailed discussion of this topology, although doesn't do much comparison.