Sure, but I think you're only going to be bearing critical for very thin layers.
For example, a typical steel or titanium hex drive bolt or lockbolt at ~95 ksi shear strength, in single shear... let's say 3/16" dia. in 2024-T3 sheet/plate...
The bolt shear strength is ~ 2690 lbf just based on (pi*r^2)*Fsu. Based on test data, the joint hits shear critical at ~0.140" layer thickness, so that's when the strength tops out at the upper limit of 2690.
Again, from the same test data the min strength is ~670 lbf when the layers get down to 0.036" and the joint is bearing critical (failure by simple P/(d*t)). Backing out that would be based on an Fbru of ~100 ksi which is about right, considering p/dt is a very crude approximation of the actual bearing area.
All sheet thicknesses between 0.036" and 0.140" will be NEITHER shear or bearing critical. This is the transitional strength regime where failure is a complex interaction of shear, bearing, and impingement based on fastener deflection. Calculating an estimated strength based on Fbru*(d*t) might get you fairly close but you stand a good chance of being unconservative because you won't necessarily be predicting the actual bearing area correctly.
There are some "advanced" ways of predicting these transitional joint strength values that might rely on secondary bending models or neutral line methods, etc. But in general, these values need to be determined by joint testing.
Keep em' Flying
//Fight Corrosion!