Could absolutely keep it from turning on. That's a Fuse. Specifically a fuse which bridges PPVBAT to PPBUS_G3H (battery power to the main system power rail). For replacement purposes it's an 8A 24V fuse in a 1206 package size. Without this fuse, power doesn't go to the system.
If it's missing, be mindful of why it's missing. Was it removed intentionally? Fuses are designed to blow to protect the system downstream, but many times blow due to an issue upstream. So this fuse may not be your only issue.