Ferrites (rings), filter radio frequency interference (RFI). They increase the cable impedance at high frequencies (mostly above listening HF spectrum) but should preferably not affect the impedance in the audible range, or at the AC frequency. The effectiveness depends on how many times the cable is wrapped around the core. This is calculated by the manufacturer/designer. Removing the ring or altering its properties by removing turns, will make it less effective. This will not damage anything but it will interfere with other electronic devices in the vicinity, like your PC or freq generator, causing them to "lock".
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