Yes it can. Take a length of new cotton thread and wrap it a couple of times around your hands with a few inches of slack between your hands. Now holding onto the thread wrapped around your hands, yank them apart and see how much pressure you have to use to break it. Now try that with the older thread and you will be able to see if it is close to the same strength or to old to use.
P.S. I got out some older cotton embroidery floss this week and it was to old to use. I started sewing with it and one of the strands broke. I thought what the heck!! and pulled on a length if it and ended up throwing it away.