It can, but usually doesn't do anything but make your system less secure. I'd have no problem with anti-cheat systems, but they by and large don't work.
Escape From Tarkov had a big issue with cheaters because they would farm ingame currency, then sell it for real cash (Real Money Trading - RMT). This was literally a job for these people. Everytime they got banned, they just bought another account (~40$) and kept farming. If a support person bans one such person per two hours (at a generous 20$/hr Russian salary), the company literally makes money off of cheating.
I get why Free To Play games have cheater issues (even though for example Fortnite is raking in cash), but for pay to play games, I just don't get it.
If you attended Kernel and Hardware hacking courses at security trainings, you're likely sitting next to either some cheat developers, or some anti-cheat team members.
When the xbox360 was jailbroken a lot of games were immediately ruined, at least until Microsoft figured out how to ban modded consoles from online play.