Yes, it works in some cases, but if not careful enough you can have a baked video card for diner
You may also have luck using a hairdryer and/or any other device that can provide enough directed heat...
More reliable way is to use a resoldering station with a heat gun and/or infrared rework station to properly heat only the possibly problematic chips. Of course not everyone has one of these at home, but if you have a friend that is into hardware hacking/repairing you may get lucky.
Have in mind that this solution may work only half of the times and even if it works it may be just for a while, before you get the video card to fail again with the same problem... still you may get a few extra months usage. It is good after you repair the video card this way to also make sure the cooling solution is in top condition - changing the thermal paste/thermal pads, removing the dust, oiling the fan(s) if needed etc. You may also think about getting a more efficient cooling solution as the main reason for half of the issues is the card overheating or staying very hot for longer periods of time.