Yes, as it is also flour-based. However, using pancake mixture as paste would be more expensive than using just flour & water.
Here's an easy paper mache paste recipe courtesy of kidspot:
What you need
flour
water
mixing bowl
spoon
Directions
Mix one part flour with one part of water (eg, 1 cup flour and 1 cup water, or 1/2 cup flour and 1/2 cup water) until you get a thick glue-like consistency. Add a bit more water if it’s too thick.
Mix well with a spoon to get rid of all the lumps. If you find you are getting lumps in your glue, you can use a small kitchen electric mixer to whiz them out.
Add a few tablespoons of salt to the final mixture to help prevent mold.
Learn how to make paper mache - and what to make with it! from goodtoknow.