A Helicoil can work in many metal repairs, but it’s risky for a camera tripod socket. Installing one requires re-tapping the hole to a larger size, which means removing more material and possibly making the hole deeper. On a camera body, you may not have enough surrounding metal for that, and if you break through you could create a light leak or an opening for dust and dirt.

Another concern is fit: a tripod socket must remain the exact standard size and alignment, so any repair that changes the dimensions or weakens the area could make the camera unreliable on a tripod.

A better repair, if possible, is replacing the tripod socket insert itself, since this is often a separate metal "blind nut" style part. However, that usually requires major disassembly and may not be a practical DIY job.

So: Helicoil is not the preferred first choice here. The safer approach is replacement of the socket insert by a qualified repair tech, or otherwise avoiding invasive DIY repair unless you know the camera’s internal construction well.