Sure it would. It would that either he was not innocent, or that he was willing to falsely admit guilt just to obtain some material benefit.
Right, it would indicate something about his character, but it still wouldn’t say anything for certain about the facts, which is what I meant by “information.”
With “said to be considering,” we can’t even say this shows he’s a cretin, whether he actually used drugs or not. However, as someone mentioned above, his relationship with Sheryl Crow is a strong point in favor of the “He’s a cretin” possibility, as well as the likelihood of drug use.