Yes, you can use it like that, but no, that’s not necessarily a great solution. I can’t and don’t want to say anything bad about it, but it’s beta SW, it’s another layer to increase complexity and it’s not in widespread use, so very few people will be able to help in case of problems. A dedicated RaZberry to run OH has advantages over a “real HW” homeserver, see this thread.
And you’re missing this point: if your SD card crashes on the Z-Way RaZberry, you’re just as out of luck and functionality (all ZWave will be gone …) as you are today.
Better take action to avoid and to mitigate SD problems. See this post. Then to run OH without Z-Way on a single system is fine, too. I’m admittedly also using Z-Way at certain times (to remove bad nodes from my controller) and need to shutdown OH/ZWave binding while doing so, but it’s in just acceptably rare situations.
