Yes, the return hose from the heater core can be connected at either point.
That NPT connection on the water pump housing feeds directly into the pump inlet. And, if you disregard the hose (radiator outlet to water pump inlet), the nipple on the radiator is also a straight shot into the eye of the impeller.
So, when looking at the cooling system in a piping schematic sense, the nipple on the radiator outlet tank and the port on the water pump casing are effectively in the same location.
Even in a thermodynamic sense, there is no significant difference. When the return is led to the radiator there is some minor heat loss - as compared to using the pump connection. That loss occurs as the coolant flows to the bottom of the tank, through the lower radiator hose and into the pump. But other than that, the heat balance is unchanged.