Sure you can chemically dose the water to kill bacteria and molds.

One question would be will the chemical penetrate the wall cavities in
standing water to achieve a sufficient concentration to be effective.

The plasterboard and insulation would still need to be pulled to allow
the framework to dry. If the water level was within a foot or so of the
ceiling add the ceiling and insulation to the list.

If you strip the walls back to the framing, which has been soaking for
over a week is the framing likely to dry and maintain its shape or will
the drying timber twist or bend.

It would seem in my experiance that in this situation bulldozing and
rebuilding would be a faster option than renovation.

It certainly offers possibilities for multi-story structures where the
structural members are brick or concrete.