529 --> IRA & Change Beneficiary?

I know that 529's, if not depleted by my kid for educational purposes, up to $35k (right now) can be rolled over into a Roth IRA for the beneficiary of the 529 plan (my kid).
And that the remainder of that money can be withdrawn, but would be subject to taxes and maybe penalties.

But, you could also take whatever remains after the $35k gets rolled over, and transfer account *ownership* to my kid, FBO his [future] kid, right?

That would effectively continue and maintain a version of generational wealth and coverage of educational costs?