I think that is unlikely to help. SPD shoes contact the pedals at the cleat and also the sole of the shoe. (This can easily be observed by clipping in a shoe that you are not wearing on your foot, rotate the shoe so it is under the pedal so you can look at how the shoe is held in place.) Thus as the shoe rotates slightly within the float range, the sole will rub on the pedal which can cause some squeaking.

But it never hurts to make sure the cleat bolts are tight.