it is worth a try since you wouldn't mind about losing the data in your
phone.
are you planning to flash the rootfs only or the emmc as well? due to the current condition, you might need to reflash both if flashing the rootfs doesn't solve the problem -or it gets stuck halfway during the flashing process.
oh, and on a side note - do remove the sim card and memory card, then try rebooting the device. see if this works before reflashing. sometimes the simplest steps might be the cure for the most serious issues LOL