Unfortunately not. Things would not stay just as broken because if the Venezuelan government stopped printing money it would stop being able to pay its debts.
Unless they do substantial budget cuts (which were are so far assuming that they cannot or will not do) they would be forced to stop paying suppliers and public servants, which would result in even more chaos than there is right now.
Again, the plan is not to stop printing money. The plan is to say "okay, print X billion this month, then X * 1.05 the next month, etc." The purchasing power of each month's printing should be flat or rising if the main driver of inflation is the amount of money printed.
If you are still printing money and increasing the supply of money in the economy you will still have hyperinflation. Your plan is kind of assuming that every month they destroy all the existing money before printing more money, which is not something that you can do.
Hyper inflation is defined as over 50% per month. Venezuela is very likely to hit that next year. That level of inflation destroys cashflow, as money almost stops having value before you can spend it.
Printing this much money would cause less than 5% inflation per month. It would be unpleasant, but you could get a biweekly paycheck and spend it over the next few weeks without having all the value disappear. Supply chains would continue to operate without much trouble. It would be vastly superior to hyperinflation.
Unless they do substantial budget cuts (which were are so far assuming that they cannot or will not do) they would be forced to stop paying suppliers and public servants, which would result in even more chaos than there is right now.