I believe this to be certainly so, especially if the candidate is a possible hire for a key position in your company. Of course, the results may show the candidate is sane, thinks healthy, not engaged in anything red flagged, there are no signs of him or her enjoying, I don’t know, chasing cats by 03.00 o’ clock in the morning, and so forth. Good. This is good, and the money you have spent on profiling the candidate from a social media point of view were well worth your while.
On the other hand, you may get a report where your candidate is chasing cats, and he is also dressing up as a priest and visits bad name houses, where he takes pictures of him debauching. Now, that is a red flag, if I have ever seen one. Again, you have spent money for a good knowledge, and by not hiring this feller you have protected your business in the future.
Now, social deep search is another kettle of fish altogether. This may uncover social accounts under an assumed identity, which is not illegal, but shed light onto your candidate profile, mainly if the said social accounts are on sites of doubtful content.
When all said and done, you can’t go wrong with a social media profiling of your candidate. Take my word for it, I have seen plenty of cases in my last 27 years of verifying backgrounds, where this paid off in the long run.