It usually overclocks the Core for 50MHz and memory probably same.
Core and memory overclocks when going over the limit it would result in crash in games.
Only upping the voltage can make the GPU or any other components kill.
Soo in short yes.
Usually you can overclock manually around 1911Mhz (some may reach 2000MHz) and probably 700MHz (or max 4504MHz on memory, depends which brand, hynix, samsung etc.) on memory without stability issues with MSI Afterburner.