It can cause the flipping, yes. But, so can the speech chip on the cartridge and the voltage issue discussed in the TSB linked above. From my perspective, verifying proper function of the processor and speech chip first is the low hanging fruit of troubleshooting this. If both are ok, then move on to the voltage issue in the TSB.
I don't think the frozen images are part of the flipping problem. I'd look to the SLAGS for that one.