Is it "safe" to replace each occurrence of (possibly overlapped) `/./` with `/` in a path?

In POSIX compliant systems, is a path whose occurrences of (possibly overlapped) /./ have been substituted with / guaranteed to lead to the same target as the original one? Example:

#!/bin/bash

shopt -s extglob

some_command -- "${@//\/+(.\/)//}"

--- #### UPDATE: Given the comments, it is not equivalent, so I'll update the question: In POSIX compliant systems, is a path for which the occurrences of (possibly overlapped) /././ have been replaced with /./ guaranteed to lead to the same target as the original path?