@alex02 That's a vague hypothetical, so with that in mind: hypothetically, yes.
The practical ramifications depend on a whole host of details: how bad was the flaw (were they using CRC as a "hash" or were they truncating the last 3 bytes of a SHA-512)? How accessible is the firmware update mechanism (local JTAG only? OTA via HTTPS? OTA via HTTP?) What is your threat model (first-tier nation states who will spend billions to target you? Large cybercrime syndicates? Casual drive-by ransomware?)
Just because a flaw exists, doesn't mean exploitation of that flaw is practical... and the definition of practical varies depending on who's doing the attacking.