Create a parameter named DataSourceExcel that

Let's imagine this scenario, If we have 5 queries, each of them pointing to the same Excel file. If we need to change Excel file location using M code, we need to go to advanced editor for each query and hard-code location of new Excel file. We need to repeat it each time we change the data source.

If we create just 1 parameter and use this parameter name instead of hard-code Excel location in each query, once we change parameter value (only on one place), it will update automatically all 5 queries. So we will have to change reference from hard-coded value to parameter on each query, but we do this only once, after that ew change only parameter value on 1 place.

Yes it does meet the goal. This is a simple example :

I imported an Excel file first without using a parameter and copied it twice, now I have 3 tables pointing to the same Excel file : (This is another way as I am supposing your question is related the to certification exam)

let
Source = let
Source = Excel.Workbook(File.Contents("XXXXXX\Sample Data 1.xlsx"), null, true),
Emp_Sheet = Source{[Item="Emp",Kind="Sheet"]}[Data],
#"Promoted Headers" = Table.PromoteHeaders(Emp_Sheet, [PromoteAllScalars=true]),
#"Changed Type" = Table.TransformColumnTypes(#"Promoted Headers",{{"EmpID", type text}, {"Name", type text}, {"Month", type date}})
in
#"Changed Type"
in
Source

Then I created a parameter pointing to the location of that file :

and I updated the code of each query like below : DataSourceExcel is the variable containing the path of the Excel file :

= let
Source = Excel.Workbook(File.Contents(DataSourceExcel), null, true),
Emp_Sheet = Source{[Item="Emp",Kind="Sheet"]}[Data],
#"Promoted Headers" = Table.PromoteHeaders(Emp_Sheet, [PromoteAllScalars=true]),
#"Changed Type" = Table.TransformColumnTypes(#"Promoted Headers",{{"EmpID", type text}, {"Name", type text}, {"Month", type date}})
in
#"Changed Type"

To conclude the answer is No.