Depends on the setup and VPN on the phone you run the hotspot from of course, but in principle it would work.
This is more or less the way I do it in Qubes, although lately I’ve been using Tor to set up new VMs with whatever goes into them. Used to run a VPN on the whole Qubes laptop but skipped that since I won’t be as aggressively fighting the Beast Machine as I wanted…
Oh well, at least I fuck all of their big data up the best I can! ;-)