It's not so much that it would be impratical (video streaming, like HLS or MPEG-Dash, requires to chunk videos in pieces of roughly this size) but you'd lose the inter-frame consistency at segments boundaries, and I suspect the resulting video would be flickering at the transition.
It could work for TV or movies if done properly at the scene transition time though.
It could work for TV or movies if done properly at the scene transition time though.