Google’s John Mueller said that modifying the title tag after your site has been affected by quality updates will not have much impact on your ranking.
However, yes, changing the title tags can help you rank by the desired changes to the title tags. However, these are two different issues.
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Is changing titles and meta descriptions to any kind of effect?
I think you can use some of that to tweak things a little bit. But if you’re talking about ranking changes so strong that you’re seeing them overall, then I think just tweaking titles and meta tags are not going to give you what you’re looking for. Tweaking titles and meta tags makes it easier for us to recognize what is actually on a page, but it’s not going to change the overall visibility of the website significantly.
John clarified that this answer is specific to the context where the website left due to quality issues, in this case, modifying the title tag will not help the website rank higher in this case.
Therefore, if you see your ranking drop, jumping in and changing the title tag will not help you much.
However, if your ranking is good, and the title tags do not really affect the intent of the search engines, then changing these title tags may have a big impact on you.