You can’t use game theory because you can’t ever know your chances of admission at any given institution on any given day in any given year, particularly at highly selective colleges.
That being said, even holistic admissions do not throw the laws of mathematics out the window, so if you did know, yes it would work. But you can’t know, so it will not.
Also, college admissions are 100% independent events, despite claims to the contrary.
https://www.wyzant.com/resources/lessons/math/statistics_and_probability/probability/further_concepts_in_probability
https://www.mathsisfun.com/data/probability-events-independent.html
https://www.mathgoodies.com/lessons/vol6/independent_events
Meaning the outcome of one event has no effect on the outcome of another.
Oddly, the tried and true strategy of balanced Reach-Match-Safety is in essence a game theory approach to guarantee you acceptance while still giving you a chance at the more desired outcome.