Then they would've softened their blow and perhaps delayed their relative demise until the rise of smartphones. But I do think it's fair to say that the transition was going to be a bloodbath of layoffs and declining revenue in any case.
The "camera design" portion of kodak isn't where the primary bloodbath happened. The bloodbath happened when film died.
In other words, kodak the company may have thrived, but only by shedding huge portions of its workforce and retooling.
I guess if all you care about is stock value, then sure, Kodak could've pulled it off. But for the folks on the ground, the bloodbath would've happened either way.