It depends on the type of text.
If it's a conversational style text, it would certainly benefit a learner to read it aloud to practice pronunciation, natural intonation and so on.
I can't see how it would harm a student's chances of passing reading tests to read aloud. It depends on the individual student's learning style. Some people are naturally more 'verbal', and reading aloud may help them understand the text. It's just rather time-consuming, and - in the case of more formal academic texts - it wouldn't be practising a worthwhile skill. Such texts aren't meant to be read aloud, so they would be better used to develop the student's 'eye to page' skills, skimming, scanning and so on.