It would seem the answer is no, because the hardware wallet is not a full node and cannot know the total value represented by the input transactions. It must trust the host software for this. Am I correct, or did I miss something?
Basically, the concern is that a malicious host software could trick the user+wallet into signing a transaction that has a low amount of output value but a high total amount of input value. This would convert the user's Bitcoins into a miner reward. Though admittedly the motivation behind such an attack would be low because the attacker can't profit from it.