Why not? You have a non-enolisable aldehyde present, and they have been well known to undergo Cannizzaro reactions for 150 years or so. Furthermore, the hydride shift is intramolecular so will be much faster than a bimolecular Cannizzaro (which are usually relatively slow compared to aldol reactions).
You also have an enolisable ketone group present, which could participate in an aldol reaction as you say.
Given the intramolecular nature of the Cannizzaro, I wouldn't be surprised if it is faster than aldol processes.