Can we use "Continue with Email" instead of signup/login?

I was working on a product and while making the signup/login buttons I thought of providing the Continue with email/social instead of login and signup buttons separately.

Will it affect the cognitive load?
And based on the recall and recognition fact, will it be usable? as the people are more active to signup - sign in/login words instead of connect where there will be the same step for making an account or using it again.

Connect with email logic will work like, we'll provide just two fields, email ID/username and password. Once the user inputs the details, there will be searching in the DB and if the entries match the DB row, then the user is regular user, he/she can go inside and use the portal otherwise, new row will be created and the time he/she enters, there will be welcome message saying welcome to the portal.

I just have a general idea about the database and the data creation. Also, before proceeding with this idea I want to be sure that it'll come into play for the users with an ease.