It depends, is it a comedy? Then yes, seeing people fail in absurd ways is almost as funny as people succeeding in absurd ways, 90% of comedy is things going wrong and people getting more and more outlandish with their responses. (You can even leverage this comedy for drama by someone reaching a breaking point and lashing out because everything is going wrong for them no matter what they do, turning the comedy tragic - which is fun)
I'm assuming that this isn't a comedy though and you want a serious drama were things are always going bad for your characters in which case you can but if you mess up you'll look like the next misery porn of the week, you need to be sure that your characters are good or your themes are interesting because your plot will be boring as hell, A good way to keep it varied is to have the character react to their failure in different ways, maybe at first laughing it off then getting more serious before boiling over into anger at their darkest hour TM or you can have them continuously fail but in different ways eg. If your protags keep on loosing the exact same kind of chase scene, get captured, escape, have another chase scene and they fail its boring but if they fail the chase scene, get captured then have to do a stealth mission, succeed in escaping but leave a friend behind, that's good drama.
So in short yes, it can be a good plot, but you can mess it up very easily.