Could low progesterone or a hormonal imbalance cause a missed miscarriage where the baby stops developing early?

Very sort of: "hormonal imbalance" is not a cause of miscarriage, although bad endocrine disease (e.g., poorly controlled diabetes) can be - sometimes. Low Progesterone or luteal phase defect is very very sometimes a cause of miscarriage, but usually the baby doesn't develop too slowly, rather it develops normally and is lost with bleeding and cramping.