The simple answer is "No"
I have personally been through this whole process, yes I got my iPhone 4 Jailbroken after removing the "settings.app" but it is not easy, I made a massive In depth tutorial way back when iPhone 4 was the best thing since sliced bread, this method no longer works.
"I had to go in to the device settings and Add my iCloud account.
Send a Message to it from iCloud then erase/wipe device REMOTELY and then remove device from iCloud.
iPhone rebooted in to : inactive state ..... Restored device to 7.1.1
When restore was complete I popped in the SIM and activated the phone !!!"
i can can provide the whole tutorial but none of the links work as the files are no longer available, the whole method is old and dated ....
As I said this may not work anymore.
Edit : My link still works