There's no rule that prohibits this---it's perfectly legal.
There is a relevant approved ruling in the NCAA casebook---I don't know about NFHS:
A.R. 53. A1 is injured and the referee beckons the coach and/or athletic trainer onto the playing court to assist the injured player. After the injured player is replaced, Team B requests and is granted a timeout. Play is about to resume and A1 is back on the playing court.
RULING: A1 shall be prohibited from staying on the playing court. Team B’s timeout does not make A1 eligible to return to play. Team A must request and be granted a charged timeout in order for A1 to remain in the game. (Rule 3-4.16)
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