If you fully understand and can analyze the rest of the circuit (and know for a fact that it is as it should be with no shorts or damaged parts) sometimes you can infer or calculate, or simply read the value of a part in-circuit, but in general it's not possible.
That does not mean it's not useful. For example, if something reads higher resistance than expected then something is wrong (assuming no charged capacitors or power sources on the board- if resistance reads negative then it's usually something producing voltage and might damage your meter). ESR (equivalent series resistance) can usually be read accurately enough on electrolytic capacitors in-circuit, which is a major troubleshooting advantage.
In the case of (say) a 300K resistor, if you read 650K then something might be wrong since external paths can only lower the resistance.
Often (because of the way they are connected) you can check diodes and other semiconductors in-circuit well enough to detect bad parts. Not always.
Even if you have not figured out much about the circuit, sometimes comparing a faulty unit to a known-good unit will turn up something of interest to help pinpoint the problem.