Definitely makes sense from a negotiation perspective especially if you can open with an agreed upon price that includes a (generous but not offensive) dealer discount and the stacked incentives.
I’m a bit conditioned probably by the LH-friendly dealers who post here and are happy to delineate the Dealer Discount vs the Mfr Incentives.
My only counterpoint might be that if you smoosh that into one price, it probably increases the chances of dealers having a dramatic overreaction or stonewalling (what you want 15k off MSRP??!?!) when they know full well that 75% of that could be coming from mfr incentives.