It would if the shaft were to break then there would be a lot more to worry about. As bad as the condition was right then as long as the shaft is not broken once it cooled and the bearing was removed the shaft could be built up and machined back to specs possibly without having to remove it with a portable journal lathe
https://mm-source.com/strikertm-port...nal-lathe.html
Not one like in the link but something like my portable boring bar set up except with a cutter facing inside mounted on a hollow cylinder index beringed from the undamaged portion of the shaft closer to the belt roller

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