Yes .... I've encountered several fish species with hooks protruding from the anal canal. Some were just the hook, and some still had a plastic worm attached.
I even caught a fish that had a imprint of a hook, on it's belly skin. Looked like the fish had laid on a rusty hook, long enough for the skin/scales to take on the imprint. Not sure if it had been hooked there, & the hook rusted off (eventually) ... or if the hook had been swallowed, then passed thru the side of the fish, rather than being passed thru the anus.

I doubt all fish survive having a hook pass thru their system, but it would appear that some do/can .... so, IMHO, cutting a swallowed hook off, on a fish that one does not want to keep (or can't keep), is still a viable option for giving the fish a chance at survival.

... pappy