Sorta.
EA tried this with WAR when they had that psuedo-moba/pvp arena spinoff that never made it out of beta, so it's not unheard of for low risk spinoffs using existing assets to try to salvage something when the game turns out to be a financial disaster (both ended up that way).
As for Overwatch...whole different ballgame. Titan had tens of millions poured into it, and while a lot of what they worked on made it into Overwatch, Overwatch was not a budget affair like whatever Carbine is working on likely is.