In fact I own my own business that performs just such repairs (
http://atimetobuild.com). You are not buying yourself much time like that, in that it will rip off with the paper facing of the drywall, almost inevitably.
Your options are:
Remove towel rack, patch wall, remount towel rack (preferably somewhere else, so that you are not drilling into a compromised part of the wallboard.
If there is room, possibly use butterfly anchors to grip a larger area of the wall (also a buy-time method, but likely to last longer).
Or, if you really don't want to do a patch and the drywall is already too compromised, you could find a board (maybe a nice looking one off of some other kind of thing, like a tie rack) and anchor/glue it to the wall, and then screw the rack into that.
I would do the first, but of course that requires the most labor. It is, however, the "right" way.