Potentially, but it would be easy for drone manufacturers to defend against, and you would likely need to make the target area so dense with the particulate that it probably wouldn't stay in the air long and the drone could potentially wait you out.
The other direction you could possibly go is a super-fine, but conductive powder (would carbon powder work?) that could get in the motors and potentially cause a short. Particulates that fine would probably be a health risk though.
