Not quite. It's like instead of buying a car, you buy wheels and a frame and do a car mechanic training. With a bit of effort and skill, you'll end up with a car, but it won't look like a factory-produced car.

There is no universe where what you described ends up being similar to an integrated product with a dedicated ASIC. What you are saying is a stab in the dark that isn't backed up by real results.

Quite a lot of hobbyists are going that route instead of purchasing a RealSense camera:

https://www.youtube.com/watch?v=IfklQ-O-FPc

Also, I believe Amazon went that way when designing their DeepRacer. Note that it has no IR projector but 2 Cameras and a commodity PC for processing.

Those results are not even remotely close to Intel's cameras let alone the azure kinect, yet it will be much more power hungry.

The resolution, noise, frame rate and even consistency (notice the flashing) is a tiny fraction of basic hardware solutions.