Yes. If you’re watching a live event which is being televised from the country you are in, using a VPN will help you to bypass throttling, as your ISP will not be able to identify and slow down live streaming traffic. If you’re watching a live televised event from another country, connecting to a server in that country will help you to bypass geo-restrictions that may be placed on the streaming platform or the live stream itself.
However, some live television streaming services may require you to sign up for an account on their platform, and will ask you to verify that you have a home address in that country in order to do so.