Yes it can and no it cant.
Currently, 3D printing is used to manufacture parts that couldnt be manufactured using conventional manufacturing techniques. In general though, current 3D printing is more expensive than traditional techniques.
Also, traditional techniques can in many cases make parts that are stronger than 3D printed ones. For instance if you made a plastic sheet from a public printing machine then started bending it like a regular plastic sheet it would snap in half much faster. Though this defect can be more controlled in industrial printing it is still present.
Also, industrial 3D printing can't print all materials. There are very many limitations on what can be printed and there are very many different approaches to printing them.
So going back to my original answer, many pieces could be printed at the additional cost of time and money. Many piece cannot be printed to the same physical specifications of their traditionally crafted counter parts. But you could re-engineer a system to account for this.
Note: I know this is somewhat an abiguous answer, however it is a very large field in engineering currently. Google industrial 3D printing techniques, it's actually pretty fascinating subject but far to broad to condense here.