Yes, theoretically, if the entire surface of the earth were to make a near perfect half-rotation (and it would have to be that, because the magnetic fields simply switch between north and south, they don't rotate in any other arbitrary or random directions) it would result in the same magnetic record. So if you use just that one piece of evidence, there are two solutions (magnetic field flips or crust flips.)

However, when the Earth is taken as a whole, the crust movement model doesn't make sense. The most obvious evidence of this is that the axial and magnetic north poles aren't at the same location on Earth, and they move relative to one another. Fairly quickly at that, at a rate of about 35 miles per year. This could mean magnetic north is constantly moving, physical north is constantly moving, or both. There are a few different reasons we could rule out physical movement. We can tell the physical location of the north pole (and the rest of the planet) isn't moving considerably because a physical rotation would leave obvious signs. On a long term scale, this movement would be indicated in fossil records. Geomagnetic reversals take place pretty quickly on a "history of the Earth" time scale, 1000-1000 years. However, in terms of life on Earth, that scale is enormous. During the period of time where present-day fertile locations would be located at the poles mid-spin, there would be vast death of plant life that can no longer thrive due to the lack of sunlight, and a vast loss of animal life as it loses heat and food. There is no evidence of this anywhere on earth and no correlation at all between magnetic field change and extinction rates. In addition, the magnetic evidence in the cooling magma doesn't become oriented in different directions as the Earth slowly "circles" from north to south in a flip, it continues to face north at lower and lower strength before facing south and building up at a higher and higher strength.