In some ways yes, in some ways no. Basically, terrorist groups have become well-practised at exploiting it - just like they exploit everything else.
Most terrorism is carried out by radicalised young men. The Quilliam Foundation identifies four factors that causes people like this to engage in terrorist activities. This research is about the best we have available on modern terrorism - and the understanding of radicalisation that has come from it is used extensively to inform the government's Prevent policy against terrorism. In other words, it's about the best yardstick we currently have. In no particular order, the four factors are:
1) Adherence to an extremist religion or ideology that requires violence.
2) Exposure to people, groups or material who can effectively articulate that ideology and connect it to the person's life.
3) A crisis of identity. Sometimes a result of real or perceived racism, sometimes a result of family breakdown. Whatever it is, it's something that causes the person to think themselves as "apart" from their community.
4) A range of perceived grievances - whether real or imagined - which the person may convince themselves warrant violence as the only credible response.
If you take the research of QF seriously (and why wouldn't you?), then each person who ends up willing to carry out terrorist attacks will have to some extent or another each of these 4 factors. They won't be evenly important - for some people, point 1) will come before all else; for others, it'll be point 4). But each one is there to some extent or another.
How does political correctness affect any of these?
You could make a decent case that it affects 2) and 3).
In the case of 2), "recruiters" for radical organisations tend to be extremely canny and intelligent people - they are highly selective about the kinds of people they target, and they are studious about how to exploit the politics of Western liberalism to their own benefit. If you don't believe me, you only need glance at their literature. "The Management of Savagery" by Abu Bakr Naji is, among other things, effectively a manual for using Western sensitivities about race and minority groups to inflame tensions within society and make it look more racist than it is to their potential recruits.
3) is more indirect. You could make a case that PC mentalities on the part of civil servants has led to an extremely poorly-managed integration policy when it comes to recent immigrants (or in some cases, none whatsoever). I think this is more due to laziness and callousness on the part of the govt than PC per se, but there's probably both factors at play. Anyway, poor integration policies has in several parts of the country led to some communities of Muslims that are extremely disconnected from their surroundings - which is an ENORMOUS boon to factor 3) on the Quilliam Foundation's list. Of course, as I put earlier, that on its own is not enough to radicalise someone into potential terrorist activity - there need to be a few other factors present as well. But it doesn't help.
So yes, Political Correctness will be exploited by canny recruiters and has arguably had some negative policy consequences which have contributed to radicalisation - and radicalisation is the best predictor we have for terrorism.