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High risk high reward game
For sure. It just generally puts you on a list of people that are willing and able to jump ship. I jump ship all the time - not a bad thing in today's era, but if you're looking longevity it may backfire come promotion season. Or could work in your favor where everyone is saying my god we need to keep "VP" here and promote them. Crap shoot
Were it me, if all else were equal in terms of performance, attitude, and value to clients and co-workers, it would significantly diminish your standing because it indicates that you're primarily here for the money and have no problems looking elsewhere.
Just keep in mind the the company you use to get the offer will have you on record as declining a position, which may make it difficult to gain a role there in the future. It’s a small world and sometimes, when you waste peoples time they keep receipts. No shame in it but worth considering longer term fall out. Good luck!
I think it depends how you present it. If you make it sound like you want to stay where you are, they might be more willing to seriously consider you.