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This would be exactly the same as nailing into just plywood and perhaps better.
No, it is not exactly the same nor is it better. I'll explain why. Particle board does not have the nail (fastener) holding ability that is required for hardwood flooring. Since the fasteners are installed at approx. a 45 degree angle, they only protrude about 3/4" past the bottom of the hardwood flooring. Since your particle board underlayment is 5/8" thick, only about 1/8" of fastener will be going into the plywood subflooring. This is insufficient for hardwood flooring. One final thought. You can and may do anything you want to. The question always is should you. Any true professional should adhere to industry standards. NOFMA, MFMA and the NWFA set the industry standards in the US. Other countries have their own standards. It would be irresponsible of us professionals to suggest that one should go outside of those standards.
Demolition is hard work, I know, I've done plenty of it.