The title is pretty much self-explanatory. To illustrate more, here's a picture:
[Live Database]-->(physical replication)-->[Physical Replica]-->(logical replication)-->[Logical Replica]
So the question is whether this setup is achievable? All the databases involved are PostgreSQL 12 instances
No, you cannot do that, because that would mean creating a logical replication slot on the physical standby. Attempting to create such a replication slot would lead to this error:
ERROR: logical decoding cannot be used while in recovery