Yes if the distributor is not letting the engine get enough spark due to not spinning properly or if the ignition control module is weak it can cause a loss of engine power.
But usually it's not the distributor itself as long as it's in good shape and spinning correctly but the loss of engine power could be caused by a weak spark due to faulty ignition coil, faulty ignition control module bad spark plugs or bad distributor cap and rotor.
Low fuel pressure can also cause a loss of engine power which can be caused by a bad fuel pump or dirty or clogged fuel injectors or the fuel injectors could be failing.