In general, yes. The idea is that below a certain value on the diode setting you get a beep. This is generally used to check continuity of wires without looking at the meter.
The best way to find a shorted or degraded transistor is to use the diode function. You just have to watch the effects of transformers and inductors in a circuit.
The best way to find a shorted or degraded transistor is to use the diode function. You just have to watch the effects of transformers and inductors in a circuit.