It seems like it could work. We use metal deck forms for highway bridges which often have rigid foam in some of the flutes, so a similar configuration, except ours is out in the weather and exposed to deicing salts. Granted, in our case once the concrete hardens it's self-supporting and the metal deck isn't counted on to support anything except it's own selfweight.
That said, it would seem that insulating below the deck would be the simpler and better solution, especially if the concrete topping is relatively thin. If there are gaps between the foam and the deck when the concrete is poured, the concrete could end up spanning across whatever areas that the foam is not supported by the deck.
Rod Smith, P.E., The artist formerly known as HotRod10