No, because replacement of comments with spaces occurs before macro replacement in C’s translation phases.
C 2018 5.1.1.2 1 specifies the precedence of syntax rules in translation. Phase 3 is:
The source file is decomposed into preprocessing tokens and sequences of white-space characters (including comments). A source file shall not end in a partial preprocessing token or in a partial comment. Each comment is replaced by one space character…
Phase 4 is:
Preprocessing directives are executed, macro invocations are expanded…
Interestingly, earlier phases can be invoked by later phases, but this only occurs for processing #include directives; the specification for phase 4 continues:
… A #include preprocessing directive causes the named header or source file to be processed from phase 1 through phase 4, recursively…
Further, pasting / with / to produce // has undefined behavior, because // is not a preprocessing token and C 2018 6.10.3 3 says, of pasting with the ## operator:
… If the result is not a valid preprocessing token, the behavior is undefined…
(Preprocessing tokens are specified in C 2018 6.4 1, and the relevant category there would be punctuator, which includes characters and character combinations such as [, ], +, ++, /, +=, /=, >>=, and so on but does not include //.)
A typical means of accomplishing the goal of printing in a debug build but not a non-debug build is to define a function-like macro that is replaced by nothing in non-debug builds:
#if defined NDEBUG
#define PRINT(...)
#else
#define PRINT(...) printf(__VA_ARGS__)
#endif