Yes. The voltage regulators inside the player will drop whatever excess voltage there is and output 5V/12V/whatever that the circuitry inside needs. That's why there is a limit on how high the voltage can go. Any higher and either heat output will exceed what the voltage regulator is specified for or it will exceed what the rated maximum voltage is. It has the same effect which is to burn out the regulator and you'll end up with a dead empeg.

Higher voltage = More the regulator has to drop off