It might work okay if you were using the double-knit for both top and backing, as it is stretchy. Or if combining with other fabrics you may need to overstarch it or stabilize it to prevent stretching while you are sewing.
It may also depend on the weight of the fabric itself....if like a tshirt knit, not bad, but heavy weight you would want to be more careful what you combine it with.
That being said.....lots of uses for it in other sewing applications, and it doesn't fray!