We did exactly as you said.
My boy’s nine and on a 24″ Forme hybrid bike, very similar to that giant. It’s light, geared and been great for riding round.
We put a rst first air fork on the front for this summer, with a hydro disc brake and thicker tyres and wider bars, it’s still got the canti on the back, but he’s not heavy.
He was already giving things a go, but this has transformed his confidence jumping. He’s jumping tables, trying some gaps, and basically trying anything.
The bikes not perfect , the front rose and slackened a fair bit, but it’s great for him this summer and it’s not for ever.
I’ve got a daughter 18 months older on 26, her bikes too big for him, his is too small for her. I know this won’t be a bike for ages but it’s making this summer brilliant for him