Yes and No.
An optical disk drive requires some precise calibration to work within specs. If the pickup heads, servos, or the laser(s) themselves are out of adjustment then the drive stops working in one manner or another. Total failure is only one of the possible symptoms.
So your drive is "fully functional" but cannot read or burn at the maximum speeds it was designed for, just at a very low speed where it can overcome the maladjustment. This condition may stabilize as is, or it could further degrade. Whether or not this condition is acceptable is up to you.
There is little chance of being able to correct the alignment on an optical drive manually. Believe me I have tried! That is why I always give my usual advice: when they start acting up just replace them.
From Wikipedia:
The most important part of an optical disc drive is an optical path, placed in a pickup head usually consisting of semiconductor laser, a lens for guiding the laser beam, and photo-diodes detecting the light reflection from disc's surface.
Initially, CD lasers with a wavelength of 780 nm were used, being within infrared range. For DVDs, the wavelength was reduced to 650 nm (red color), and the wavelength for Blu-ray Disc was reduced to 405 nm (violet color).
Two main servomechanisms are used, the first one to maintain a correct distance between lens and disc, and ensure the laser beam is focused on a small laser spot on the disc. The second servo moves a head along the disc's radius, keeping the beam on a groove, a continuous spiral data path.
If any of the above is out of spec then the drive will no longer function properly.
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