Does Transaction Malleability Affect the Validity of the Underlying Transfer of Value?

No, transaction malleability does not affect the validity of the underlying transfer of value. The malleation only changes the transaction's unique identifier (TXID), not the fundamental details of the transfer, such as the sender, recipient, or amount.

The funds are still transferred from the sender to the intended recipient. The problem lies in the reference to the transaction by its ID, which is used by higher-level protocols or systems.

The change of the ID only causes issues for the system that relies on that specific identifier.