Yes, but if you're distributing revocation lists you might as well distribute new authorized_keys files?
Or wait, maybe I'm misremembering... does sshd support querying remote revocation lists? If so, point conceded. You still have to have to worry about the scenario of DoS or similar preventing it from fetching new lists. (I don't trust revocation beyond as being a QoI thing.)
I do favor the CA approach with e.g. 24hr expiry just because it's 'fail safely by default'. Of course one should ideally use much more frequent renewal, but OpenSSH has its limits wrt. that. (Kerberos seems saner in terms of results, just not in practice because it is/was so obnoxious to set up.)