i wouldn't. just because a knot will come undone a lot easier than those things break
FWIW: I finish all knots in bungee with heatshrink tube. (There was one case where the application didn't permit the space, so I used gel superglue). These will
not untie, and I've yet to have a failure of any kind in such knotted bungee.
One hint: the bungee doesn't care for the heat gun, so I wrap the bungee adjacent to the heatshrink with small strips of aluminum foil while shrinking. Takes a little care, but not difficult. Then remove the aluminum foil, it's only for while the heat gun is on it.
Standard heatshrink tube is made of polyolefin, which is a pretty broad category of plastic, but generally chemical and salt water resistant, and pretty tough stuff. Operating temps -55 to 135 degC (covers most diving conditions
),and shrink temp is 90 degC, so a hot hair dryer will work (I've tested it), although I use a heat gun at home. It shrinks up to 50%, so a couple of sizes will cover all your bungee knot needs.