I would consider "visualization," as such, to be more a method of dealing with performance anxiety issues.
However, there is plenty of concrete, actual, musical practice you can do inside your head. It's no replacement for real time with the physical instrument, but time spent score studying, audiating, and practicing fingerings will almost certainly transfer.
Lots of wind instrumentalists, for example, find it easier to match notes with fingerings than with actual pitch. Sight singing an instrumental etude or piece while mimicing fingerings is one method that I have had quite a lot of success with.