I would say so, since a protective style is not manipulating your hair for a period of time, but also taking care of it for health reasons. Just make sure you give your hair a break from the twists. I read an article (unfortunately I can't find it), but it stated that leaving twists, or other protective styles like that, for more than 6 weeks can cause strain to the hair follicles since they are pulled more than naturally. Don't quote me on the actual weeks.
I am considering doing a twist out for myself too.
High Porosity, Fine, Thin Density, Low Elasticity