the answer is : it depends. But usually this is not possible because the tfwx file is only an approximation of the precise transformation using an affine transformation. The transformation is written in the aux.xml file. More details in the arcGIS doc
if the transformation cannot be expressed as a world file, Update
Georeference writes the transformation into the aux.xml file and also
writes an approximate affine transformation into a text file or a
world file with an 'x' on the end of the extension name. For example,
a TIFF image with this approximate affine transformation has the
extension .tfwx. This is not an exact transformation; it is only an
If you want a tfw (affine transform), you should "rectify" your image instead of georeferencing it. A new resampled image will then be created, which can be accurately georeference using a world file.