Basing this solely off past performance, it would seem to be a strong move yes. This is the combination that I hold, BMO, TD, RY. I used to hold BNS but got frustrated with weak performance so I did exactly what you are suggesting here. Sold it off in January of 2020, and bought BMO, added to TD RY.
However, we cannot predict future performance. Scotiabank could come out the next few years here with a new CEO and turn things around and be the best performing bank out of the bunch. It IS a possibility, so the answer is never cut and dry.
Instead, we can utilize past performance to remove a bit of the guesswork to make a decision based on future returns. To me, the likelihood of an operational turnaround with BNS is less likely that the continued performance of TD, RY, BMO. So, I continue to invest in those companies instead. Scotia is certainly in "show me" mode right now with the management shift. If it strung together solid results for a year or so, I'd re-consider owning it.