Depends on who is indicting him. I don't think it helps him if it's state level, but if the Feds do so, it could spiral into retaliatory assassinations of at least Garland (and possibly both Biden/Harris) with the full support of the Republican Party (which, I think is the main reason the Justice Department will not indict Trump. Merrick Garland would rather not be followed around by armed guards everywhere he goes, and he'd certainly rather not be murdered by a MAGA Republican if he ever goes out in public).
It is so sad we have let the Republicans intimidate public officials and Americans. I'm tempted to say they're beholden to the MAGA faction of the party, but look at all the supposed "moderate Republicans" leaping to spin a possible indictment as politically driven. There are no good faith Republicans left in the party. They were all ousted by the radicals.