Specifically, with Spyro being the Flounder of the pair, and Sparx being the Ariel of the pair.
In my opinion, yeah. Though their personalities wouldn't one-to-one clones of Ariel and Flounder;
Spyro would still be cocky arrogant, confident and outgoing, but will also be insanely loyal to Sparx like how Flounder is insanely loyal to Ariel. Also like Flounder, he could have "butt of the joke" moments like getting stuck in small tight spaces, like Flounder did in the famous sunken ship scene.
Also, Sparx, personality wise, wouldn't be a full on clone of Ariel. His personality would also stay the same as his OG/Pre-Legend of spyro counterpart, but his protective side to Spyro would be pushed more to the forefront. Sparx would also express physical, playful affection towards Spyro, just like Ariel does with Flounder.