Could this tool find hardware backdoors?
Only very crude ones. A competently implemented hardwre backdoor would probably be data-dependent. For instance, it might trigger when REP CPUID is called with four specific 64-bit values in R8, R9, R10, and R11 -- and if that were the case, there would be absolutely no way to discover it by searching.
Backdoors tend to be separate systems which pry into something larger though (like the intel managment engine being a small, separate core which probes the main system). This means you normally need other means of access to the system other than the standard instruction sequence. Again, the IME needed network access to be abused I think, rather than instructions running on the main processor itself.
Implementing backdoors is stupid. Opening / accessing them with an undocumented instruction is moronic, but distressingly possible.