Yes. But the waste is likely to still produce methane that has a bigger climate warming effect that the equivalent co2 of burned but for a shorter period. The general consensus suggests it's better to burn methane than release it into the environment.

The better solution is to fly less, or wait till flying truly green. The big issue is the incredible amount of subsidy we allow for airlines. Tax or fuel for aircraft is very low. If we cut these subsidies and starting taxing aircraft fuel at similar rates to cars electric/hydrogen aircraft would come about much sooner.