It could depending on what failed on the PCB, ie opens, shorts, missing connections, etc.. Does it have solder mask? This may cause problems with your test. I can assure you that it will not be as good as an electrical test (verifying connections are made where they should be and not where they shouldn't be). The PCB mfg can usually do an electrical test on boards for a nominal fee.

Hypot testing verifies the Creepage and Clearance of circuits of different potential. So if your ground trace is to close to a primary or secondary trace or Primary is to close to secondary. Depending on the standard your testing to will show a fault if the board layout does not meet specification. You should be checking Primary to Secondary, Primary to Ground and Secondary to Ground.( Creeepage is the direct line space between two circuit through air, Clearance is the space between two circuits along the insulation path)

Christopher Caserta
ccaserta@enorthhampton.com
Ph:904-225-0360

Worth noting:
 If you hi-pot an unpopulated board and pass the test criteria don't assume you have proper creepage and clearance distances. When you add components, the leads can violate creepage and clearance distances. If your trying to verify the boards are ok from the mfg, have them do an electrical test on the boards before shipping. Depending on the quantity, there is usually a nominal tooling charge of ~$200 US. Hi-pot testing will not reveal all possible PCB defects from the mfg. IE missing trace, open circuits, etc..