Definitely! I've been meaning to write a post about it.
I had a 486 motherboard that would hang somewhere during POST. I have a POST card that displays the current code from the ISA bus, but even with my phone camera in slow-mo mode, I wasn't able to capture the full list of codes - the value on the bus changed faster than what the POST card could output.
I turned to 86Box and found a very similar 486 board with the same chipset. There's an option to install a virtual POST card and show the codes in the application's status bar, but this also went by too fast for me to see what was going on.
So I downloaded the source, found the file for the POST card, and edited it to write the codes to the console as well. Then I fired up the virtual board again and produced a complete log of the POST codes during a cold start.
Together with the complete list from 86Box plus the codes from the real board, I found it was completing many steps but hanging on "chipset initialization". I still have some work to fix it, but it at least gave me some insight I wouldn't have otherwise had. :)