Of course it can. I'm just getting into water chemistry, so I can't tell you how it will hurt or help it. Let's just say that changing your water profile, without knowing what you're changing it to (or from, for that matter), is just basically a WAG (Wild A$$ed Guess).
Why guess, when you don't have to guess.
If you want to fool around with water chemistry, then find out what your water chemistry is and how to change it to the benefit of the particular style that you're trying to brew. Each beer style has a group of water chemistry's that they thrive with. Each beer style also has a group of water chemistry's that they don't thrive with.
If you change it to the wrong chemistry (say, for example, a chemistry that fits an English Porter or Stout) and you're making an American IPA, then you probably won't get the most out of your hops bittering characteristics. This would result in a mediocre beer, at best.
You might make an addition to your water and have a really great beer. You might make an addition that would ruin what would have been a great beer without that addition. Know what you're doing and why you're doing it, and your level of consistently great beers will be much more frequent.