Not recommended — #31 of 31 Canvas ranks #31 of 31 fabrics for warmth without weight. It is a poor fabric for this. Ranked on warmth relative to weight, with a packability bonus. The top pick is Cashmere.
Canvas measures 55/100 for breathability, 8% moisture regain, 50/100 warmth, at 380 gsm. Warmth-to-weight is the metric: 50/100 warmth at 380 gsm is unremarkable for packable insulation.