Yes it very well may. Since freeze spray would take the parts it hits below the dew point in nearly any place around, it will condensate water immediately. One thing that LCD interfaces do NOT tolerate is moisture between the contacts, and we already mentioned that it is NOT going to be a component in a failure mode. So where exactly do you think this freeze spray should be pointed such that it is going to fix a problem, or show where one is at?
It won't, put simply. NORMAL finger pressure placed onto the contactors at the LCD interface connections will do far more toward those goals than introducing a moisture laden failure prone procedure ever will.
Freeze spray is for zapping a suspected transistor or FET with, not a connectivity based mechanical contact issue. There is a place and time for every fix in electronics, and freeze sprays and low voltage LCD panel edge connections are NEVER one of them.