Not a good idea. Formica is a clear layer of laminate on top of a patterned layed of paper, on top of plain layers of paper, all soaked with a phenolic resin. Trying to plane the bubble down will cut into the un-patterned layers. You could try drilling a hole from the bottom up into the air pocket but it is a very slow process, best finished by hand that is very tricky to do without drilling through the laminate. If you can make it work, squirt some glue through from the bottom and put some weight on the laminate until the glue dries.
Someone I consider a master woodworker once told me that a master woodworker is not someone who never makes mistakes. He is someone who is able to cover them up so that no one can tell.