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OP absolutely, I do conditioning hikes regularly with 40 lb of weight in water jugs. Very common in Seattle for people training for Rainier.
Other things you can do:
- Do laps on a staircase in a building
- Hill sprints, other running
There is HUGE range of hiking speeds. Take Mt. Whitney. 20 miles, 6000' gain. Some people take 20 hours, the FKT is 2.5 hours. Normal people (not pro athletes) regularly do it in under 10 hours. Where do YOU want to be?
Sure it's pointless. Hiking is pointless. IT can be fun to get fast and get good at something.