No.

Delayed Proof-of-Work and zkSNARK are two totally different techs.

The purpose of the "trusted setup"  is to generate an arbitrary message which prevents an attacker from acting as a dishonest verifier.   The person sending a protected transactions has to send either the hash of the challenge of the recipient Prover or the arbitrary message string.  The danger of  this is if somebody knows the whole arbitrary message they could commit a double spend and because the zkSNARK who allow it as a legitimate transaction.


Note this does not compromise the privacy aspect of zkSNARK 

That all being said the likelihood of this is very very very low,  many of the participants of the generation are well known in the crypto world and to risk compromise  which requires that all participants colluded  (you need each part to make the whole message )  would make them pariahs  for such a breach of trust.   The extensive steps taken to prevent an attack externally and internally were well beyond what was required  and the fact that there will be millions of pissed off people  some with no limits to their revenge  dissuades all but the most reckless of people.   I don't think the participants would find it worth it to risk it when they have spent years/decades on their careers.