it can, the batteries actually were a major part of the save process back then, if the batteries die, the save will most likely be lost, but it is still possible that it's still there, but it would be almost impossible to retrieve.
Not all N64 games used SRAM save. Some did use flash or EEPROM, but I think they are in the minority. I'm not sure if Majora's Mask uses a battery or not.
"Hey guys, my car won't start so now I can't go to work. Why won't it start? Also, please don't tell me how to fix it. Just tell me why it broke. Thanks."