Well, a lot of my early lucids (going back to when I was a teen) were "discovered" because of recognizing a nightmare as a dream. So yes, it certainly can be used as a method of invoking lucidity.

One problem I still have with nightmares is, even though I generally do get lucid, I find it hard to "break" from those plots. Like I'll say to myself, "Once I find a safe place, I'll take control of the dream!"

So to help you combat that potential outcome, I would suggest maybe a daytime mantra/reminder to yourself. Remember that once you realize you're dreaming to just STOP and focus on something small, like your hand. Remind yourself that whatever it is that is chasing you (or whatever) needs your attention to exist, so by ignoring it / paying attention to your hand, this monster ceases to exist and cannot harm you.

Also, doing something like focusing on your hand upon becoming lucid is a great way (for me) to stop and allow the dream to stabilize. Usually, when I realize I'm dreaming, I like to get right in there and get things done. But it's a very, very good practice to remind yourself that you'll have more time to get things done if you take a few moments and let the dream stabilize. Get a feel for what dreams feel like during this time, too. Look around. It's this part that generally tends to amaze us so much, as lucid dreamers