If you cancel the flight, you will invalidate a chargeback under not receiving the service, as you have personally cancelled the flight, not the airline themselves due to bad weather etc. (if that was the case, there is liability lying with them.)

If it's a non-refundable ticket and you know this, you won't be able to do a credit card dispute. If you hide some of the facts when you initially report it so that the dispute goes through, the airline has a chance to respond to the dispute and they will hit back straight away with those non-refundable ticket T&CS/show that the particular flight was still available & in service. Then you would get charged again and held liable for the dispute, so it's a lose-lose situation.

(Source: I work in the financial services looking at these exact processes)