Hi James and welcome to the forums!
Yes, this device can be used like that.
The SN74HCS595 is the more commonly used version. The difference between them is that the '595 has push-pull outputs and the '596 has open-drain outputs.
I presume you are using the HC595 to trigger the LEDs at the output.
There is a reference design which does exactly the same. Please refer to it below:
With SER connected to high, the Q outputs will be high once you…
I would recommend taking a look at our reference design for seven-segment driving using the SN74HC595B and the SN74LVC244A available here:
Ultra-Small, Flexible LED Expansion Reference Design (User's Guide)