Using MySQL active-passive with RBR DDL without breaking replication?
ALTER will go through RBR, so I don't see it as being much different.

As long as


you don't do SELECT *, the fetches should remain OK.
no queries touch the column you are removing any time near the action, write queries should not be an issue.


If you are trying to avoid the table being blocked a long time, I see some use for the 'failover' you mentioned (but did not adequately detail).

What version do you have?  5.6 rebuilds "in place" and permits concurrent DML.  So, the 'failover' may be overkill.