In theory yes, but this is not a natural way of mapping a feature which is ~5m wide and ~30km long. Besides, those waterways often have tributaries and outlets. Just as with rivers, I’d prefer having an underlying waterway, and only an optional natural=water area surrounding it.

I wonder that too; some canals do have a “natural” direction, and with others it may not be so obvious. I also try to point ditches and drains in a “proper” direction, but that is not always obvious or easy (often, there are grid-like networks of ditches where water barely flows).

Besides, I’m having second thoughts about my proposal; having endpoints at canals may clarify where sub-areas exist. Perhaps, as with the main waterway map, you could provide an option how to treat artificial waterways (as end points or not).

Furthermore: many (but not all) canals are separated from the adjacent waterways either by lock gates or by pumping stations. Those sections should be mapped as waterway=lock_gate and waterway=pressurised respectively, and those may represent “proper” end points of a drainage.