It is a feasible routing, although not the most logical one. LATAM operates both the GRU-EZE and EZE-BOG services, so there may be a feasible connection at Ezeiza
The obvious downside is the layover and the total travel time.
The upside is that there's a lot more flights on both legs if you take the longer routing, so more schedule choices for you... IIRC, the GRU-BOG nonstop is only once a day.