I have the Oklahoma Flagstone with SWG in Austin so I really hope so. Either the hard stone or man made coping is recommended for saltwater pools. I went with the Okla for looks. I'm only 2 yrs into my pool and have no issues with it at this time. I have never sealed my rock as some people do.
WE had Ok flagstone on our last pool with SWG - pool went in Summer 2001. As of 2009, for the most part no problems, but we did have a few pieces that seemed to flake/decompose worse than others. I suspect the poorer quality/softer stones (or with more cleaving in them) have more issues. We did have a rather constant supply of grit/sand off the stones, but not too bad - ours were unsealed. Our deck was exposed aggregate and it was fairing ok after 9 years. I had no other issues with respect to corrosion, but we did have issues with scale buildup on the stone from waterfalls, so keep that in mind.
Our new house has travertine coping, but we haven't done salt yet. I'm still debating it.
AZ flag is pretty soft, and (I believe) a SWCG will have an accelerated effect on it. Mine is worst where ingress/egress occurs, but pretty much okay everywhere else. I haven't had a SWCG on this pool for about 3 years now.
I can honestly say that all stone will flake, to some point, at some time. Flagstone is the softest I've seen though, and will flake/get "mushy" the fastest. If you like it, like I do, then you just have to deal with the stones as they degrade. Once mine get too bad (and my pool is 8+ years old now) I'll just cut new stones and replace.