Yes, you could propagate your plant, but I wonder why you want to cut it while it is still so small and still has a solid column of foliage down to the soil level? As they age, and the trunks lignify, the older leaves will be discarded, and eventually become too tall for the top(s) to get a decent amount of light near the average window. It is at that point when I prune mine. Not that you should do what I do, just providing an alternative scenario to consider.
Plenty of reports that small cuttings work, but I've never wanted to interrupt the appearance of a stem to experiment. I did use sharp scissors to gouge the growth tips from a couple to see what would happen and both bifurcated. If increase is your goal, that might be something to consider, since it affected the appearance very little. In a couple years, you would have top tops of each to prune, instead of one.
The thread "A big cutting." in
Houseplants forum
In any case, unless one lives in a house with a 3-story atrium, eventually all Dracaenas in the captivity of a pot develop an interesting, pollarded appearance.
