It’s certainly possible.
I came across one machine that was intermittently crashing. It was previously in at Apple for a Logic Board and Power Supply replacement. I suspected the Fusion Drive SSD - the kernel panics were related to IOStorageFamily - and decided to back up the data before testing further.
When that iMac was connected to another machine, the other computer would intermittently crash with the same IOStorageFamily crashes. It didn’t matter what the connection interface was, FireWire or Thunderbolt produced the same crashes on more than one machine. It was the process of mounting the drive and accessing the data on it that caused the crashes, even though the machine wasn’t booted or reading any system data from it.
So it’s certainly possible that it could continue to crash, and that crash could be attributed to the internal drive, even if booted from another volume.
That said, it’s extremely uncommon. I would perform the test anyway, because it’s a good first step. The methods are solid, if not a bit time consuming, because you’re attempting to isolate both the hardware and software. Good move.