Yes it can.
In 2 ways:
- the title has some weight in the page ranking relevant to the words; so the page has probably now a better rank on the current title words and a lower rank on the words you have dropped.
CONSEQUENCE: changes in daily page traffic (try checking this)
- Adsense displays are related to some content analysis; if you have dropped words which are highly demanded for words less demanded, then each ad display is done at a lower bidding price.
NOTE: your earnings might also be affected by some other external sources, eg if you site was a French site related to sports, you might have had lots of demand for your site... until France was dropped out of the World Cup... and even if you are a German site and have lots of fussball-related ads... they will probably fall in 2 weeks from now.