Yes, the neutral will be at a voltage above "true" ground. Many audio input circuits reference ground. If you have a source that references the elevated ground (with a 60Hz component) from a neutral crossed with a grounding conductor and connects to a device that references "true" ground, then hum will be evident.
If you are careful to make all the grounds for all the sources and equipment be at the same level (one of the ideas behind isolated grounding) then hum can be reduced.
You can also use audio-transformer-based isolation that eliminates the actual connection between the source and destination grounds by coupling the signal only magnetically through the transformer.