It can..... variations in the relatively small AC signal voltages can give you a clue where a problem is. Start at the point of injection & measure the amplitude of the signal going into both channels (they likely won't be 100% equal going in so take note). Then just check & compare from point to point. If you come to a point where one voltage is different or is wavering then you're getting close.I'll download a tone generator app.
By comparing AC voltages, would this give any clearer indication of bad components more so than comparing DC voltages?
Thanks,
Chris