It's possible, but not practical, since it calls an IRQ handler at every update. You won't have enough cpu resources to run an IRQ handler every 1us while also making progress in your own code.
There are better ways to implement delays. You can use the DWT->CYCCNT counter, or a timer. Note that 1us is small at 28MHz and you're likely to have a bit of jitter in the actual delay value.
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