If you are referring to the engraving from Apple, then no. It’s done with a laser before the back is even put on the device, so it can’t hurt any of the electronics. If you are talking about taking it to a trophy shop or something and having it engraved, then yes, it can damage it. Rotary engravers put a lot of pressure on the back which can damage it, and lasers can be focused improperly and damage the device as well. Not when you order it like that from Apple though.