if you had appropriate underlayers and your cosplay was made of actual fabrics then I could see it working. wigs and makeup are likely no-gos while you're actually hiking.
any cosplays with props would also be a lot harder but for just clothes it's very doable, and even some props could probably be rucked with a smart enough setup. but in addition to the difficulty it would be very expensive compared to most cosplays.
shoes are one of the bigger concerns. a lot of cosplay shoes are, after all, daily shoes with covers or taking a similar visual-forward approach (and characters with high heels are naturally impossible). for a mile or two you might get away with daily shoes, but you'll want proper boots for much more, and since activity is less than friendly to shoe covers, you'll want your boots to actually resemble the character's. for modern characters who basically wear plainclothes that's easy. for characters from a fantasy or other representational setting you'll have to get something custom. for deedlit, as your picture shows, leather boots are actually quite attainable and good for hiking (if expensive outside of milsurp), but individual characters often have flourishes and touches to their footwear that would be quite a bother to customize each time for.
a fairly simple cosplay will run you maybe a hundred dollars if you put in some time of your own at the most, the usual way. a hiking-capable cosplay will cost several times that. it's not all the difficult to make something look a certain way, but it's harder to do so while also making a functional and durable garment