Yes. Power surges are a documented cause of Red Ring of Death (RRoD / 0x01–0x03 General Hardware Failure).
Lead-free solder fatigue (thermal cycling), X-clamp pressure warp, GPU underfill cracking, HANA/ANA scaler failure. Surge accelerates all.
If RRoD occurs: Professional reball (BGA) + X-clamp replacement + thermal paste (Arctic MX-6) is only lasting fix. Heat gun "reflow" is temporary.