I think it could, but you have to ask yourself the question: would you still want to do it, even if it didn't make money? If the answer is yes, then do it and don't look back.
You can make money with blogs, but it takes a lot of discipline (to continue creating content and writing) and knowledge about the best ways to monetize a site. It will definitely take time. But considering the low start up costs, might be a worthy risk.