Not wrong, but awkward. Although it forms a closed loop, it’s not jewelry or adornment. Wrapping it around your neck, however, is part of the habit of a religious order whose name I can’t remember now, but they wear it in a special way, wrapped twice around the neck. But wearing it around the neck has always been rare, among any segment of the Catholic faithful, and every other order I can think of that wears a rosary wears it tucked into the belt. (And the fact that the rosary is so closely linked to the scapular makes it almost illogical that a rosary should also be worn at the same time, not only because it seems excessively cluttered but also because they so easily get tangled!)
It wasn’t until it became a fashion statement in the 1980s that I ***ever ***thought to stick my head through the loop. And the fact this fashion was introduced in the context of immorality and irreverence is significant!