Eh maybe. I saw the move as a last ditch effort to find some way for him to add value. The running back room is deep with Swift, Herbert and Roshon locks (though a surprise Herbert trade or cut wouldn't stun me), Homer probably in a good position to make it due to his ST contributions. Teams carry what 4-5 RBs? And possibly Blasingame in that number as a FB. Ian Wheeler has also legitimately looked really solid as well, but the Bears can probably sneak him onto the practice squad.
As for WR you have Moore, Allen, Rome, Scott as locks leaving 2 spots for other guys like Pettis, Collin Johnson, Nsimba Webster, DeAndre Carter (another ST guy) and Velus.
I do think he'll find a way to make the roster considering his versatility as a WR/RB and return guy. But it wouldn't shock me if he was the odd man out in a roster crunch.