Yes. There is literally nothing but upside for him and the Republican party not to do it AND potential significant downside not to.
First, look at all of the pardons Biden has done for people that actually did heinous shit to others. To commute someone that didn't do anything but put up a website is an easy stroke of the pen.
Second, the digital asset voting bloc is 50M+ strong by both R and D analyst findings. To reneg on such an innocuous campaign promise potentially alienates this new base you just unlocked and that has given the party momentum. With a lot of key R races that could shift Congress at the next primary, it would be a strategical blunder.
Now Trump is going to do what is best for Trump, but he'd be fucking over the Republicans moving forward by not doing it.