"Good" is subjective. It might, it might not, depending on the listener.
I’ve not found upsampling to be uniformly positive; sometimes, it makes things sound worse to me. Also, I don't care for lossy audio unless I'm in a noisy location like a gym or car where I can't hear the difference. So to your question, to my ears, the answer would be
NO
The missing information cannot be restored accurately from what is left. If it could, it would not be information.