No, it doesn't work that way.
Panasonic TBCs don't work on passthrough. And even if it did, it's just a line TBC, not framesync TBC (which is what external TBCs usually are).
"TBC" is an all-encompassing term, often (ab)used loosely.
There's no way to avoid TBC with consumer analog formats.
It's heavily suggested to have line TBC to correct the image, and framesync TBC is required to correct the signal (and allow digital conversion).
There are some pseudo-sorta methods, TBC(ish), but those methods have downsides. However, it depends on sources and costs. I'm a pragmatist about TBCs, and video in general. Sometimes you can take shortcuts, sometimes not. Having done this now for 25+ years, I'm pretty good about knowing what works, and what doesn't, simply by reading about the project.
You must also seek out specific models of TBC for consumer analog formats (ie VHS), as there are issues with that any old eBay
clunker TBC you may find. (BTW, this a main reason I make this equipment available in the marketplace. I can take all the mystery out of what works, and what doesn't. I have VCRs, TBCs, capture cards, and full workflow. Plug and play.)