Absolutely. If the dust was bad enough it can definitely cause a problem. Several years back I had to replace a power supply on a local ladies computer. No one had ever told her about the dust issues and the dust got bad enough inside the power supply that after many intermittent problems (like yours) were ignored, it finally burst into flame. Luckily the fire was contained inside the power supply. All the user knew was the computer quit working.
One caution though. Compressed air. If you are using the canned duster bought at a store, make sure to keep the can upright. If you tip it over and the liquid is sprayed out, you can damage some of the components on the board. They will be quick frozen.
You should not be using a standard air compressor. The compressed air has to much water in it. A water separator does not remove enough water. An air dryer would work. If you do use an air compressor with an air dryer, make sure to keep the air pressure coming out of the air chuck fairly low. If you crank it up, you can blow components off the mother board.