As @Durd2nT pointed out, the answer is no. This is because
$$(H \otimes H) \big(|1\rangle \otimes | 1\rangle\big) = \dfrac{|00\rangle - |01\rangle = |10\rangle + |11\rangle}{2} = \overbrace{\bigg( \dfrac{|0\rangle - |1\rangle }{\sqrt{2} } \bigg)}^{|\psi_A\rangle } \otimes \overbrace{\bigg( \dfrac{|0\rangle - |1\rangle }{\sqrt{2} } \bigg)}^{|\psi_B\rangle} $$
So $(H \otimes H) |1 1\rangle$ produces a product state $|\psi_A \rangle \otimes |\psi_B \rangle$ instead of an entangled state. If a two qubit state is entangled, then you can't write it as a tensor product of two single qubit state like what we just did.
You can also extend this to more general scenario too.
Suppose you have a quantum state $|\psi_{init} \rangle = |\psi_{init}^A \rangle \otimes |\psi_{init}^B \rangle $ (a product state), then by applying the operator $U = U_A \otimes U_B $ to the state $|\psi_{init} \rangle$, the state of the system will remain as a product state. This is because
$$ U |\psi_{init} \rangle = \big( U_A \otimes U_B \big) \big( |\psi_{init}^A \rangle \otimes |\psi_{init}^B \rangle \big) = \overbrace{U_A |\psi_{init}^A \rangle}^{|\psi_A \rangle} \otimes \overbrace{U_B |\psi_{init}^B \rangle}^{|\psi_B \rangle} = \overbrace{|\psi_A \rangle \otimes |\psi_B \rangle}^{\textrm{product state}}$$
The question you asked, $U_A =H, U_B = H, |\psi_{init}^A \rangle = 1\rangle , |\psi_{init}^B \rangle = 1\rangle $.
Also note that, it doesn't make sense to write down the operation $H|11\rangle$ as you did in your question. This is because $H$ is a $2 \times 2$ unitary matrix, and $|11\rangle$ is a $4 \times 1$ unit vector. Thus, you can't operate $H$ on $|11\rangle$.
And you said "I know if we take the tensor product of 2 Hadamard gate we get our initial state", I think you are mistaken this with two consecutive Hadamard gate. Two consecutive Hadamard gate applying to a single qubit is different than the tensor product of two Hadamard gate applying to two qubits.
The operation on the right of the figure is the representation of the tensor product of two Hadmard gate $H \otimes H$. It acts on a two qubit system. Whereas the operation on the left is a $H\cdot H$, and it only acts on a single qubit state.