$\def\d{^\dagger}$ **Yes** , $P^{-1}=P\d$ holds in every allegory, using only $P\le PP\d P$.
For one part, $PQ=1$ implies $$1=PQ\le PP\d PQ=PP\d\\\ 1=PQ\le PQQ\d Q=Q\d Q$$ We obtain dual inequalities for $QP=1$.
The other direction of inequalities is a bit longer and uses both $PQ=1$ and $QP=1$ at once. $$P\d P = P\d PQP\ \le\ P\d PQQ\d QP=P\d Q\d =1\d=1\,.$$