Does it make sense to implement constant folding using peepholes for an ISA like this (with plenty of registers and limited scope for immediate operands)? I wo

Does it make sense to implement constant folding using peepholes for an ISA like this (with plenty of registers and limited scope for immediate operands)? I would expect the constant loads to float away from their use sites, so that more instructions can use them. For example, 0 or 1 might be loaded at the start of the function.