Yeah, it would, but the SCOTUS -- while not explicitly stating it -- have been pretty clear on related subjects that they would not be terribly amused to the POTUS attempting to pardon themselves, particularly from criminal convictions.
And yeah, the alternative to a federal crime is a state crime. So far as I'm aware NY at the absolute least has a nice slate of financial laws trump and co haven't seen jail time over largely just because no one cared enough to see them hit with it. It's been pretty consistent speculation that whatever else mueller might turn up, now that the investigation is doing stuff like looking into business connections there's going to be a whole mess of that sort of shit start tumbling out. Basically, there's no guarantee a presidential pardon would be keeping anyone from ending up in front of a judge.
Though clinton pardoned or not, the bit that explicitly reached SCOTUS was settled on before anything else. Only reason it didn't go further is because of that, heh. It's very much true the constitution doesn't explicitly forbid it, but that's basically the whole and entire legal defense for it and there's a good chunk of other stuff in rather pointed disagreement.
E: Or to put it another way, from what I've seen so far it looks a lot like the legal area it's in is a lot less grey than some folks like to present it as, for whatever reason (*coughviewscough*). It is, but by and large it only is because no one's actually been stupid enough to play legal chicken with the SCOTUS on the subject, yet.
E2: Though, at the end of the day, what makes it personally seem hilariously unlikely that the judiciary would go along with a self-pardon is that it would effectively be ceding any and all judicial oversight of the POTUS, and to a large degree by extension the executive branch as a whole.
Like, to say they would is effectively trying to say they would willingly take a gigantic dump not just on the separation of powers, but explicitly on their own ability to influence the other branches of government, utterly undermining a sizable chunk of both their authority and mandate. Is there any level it actually makes sense they would do that if there's absolutely any room to avoid it, which there very much is?