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IMO, no. We see manual LT1 V8 cars with lifter failures and AFM was disabled from the factory on those cars.
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I've tuned it out of both of my Silverados. ...most of my hotrodding is on older cars, so i don't have an in depth knowledge of exactly how the system operates on the LT motors, but I know ALL the LT, and LS motors can potentially have lifter issues. More so than say, SB1 engines. That being said, the problem isn't the lifter failing, but whether or not the system get's "stuck" and is no longer able to switch back and forth. If that happens in V8 mode, no biggie, but in V4 mode, and well........get out the wallet.
...but yeah, if the LIFTER itself fails, then of course it makes no difference.