Not really, the feedback cycle is that as a third party gains traction, the party most similar will lose support till the other party will dominate. This still continues till the third party quits or takes over and the previous pary stops.
This leads to Republicans sponsoring third parties more similar to Democrats and Democrats sponsoring parties more similar to Republicans.
The only way to get out of this cycle is to implement some other sort of voting, ranked choice for example. I’m all for that, but until then, voting third party will only hurt the ideology closest party.