Yes.
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Take Phosphorus for example. If your PH is too low, you will essentially prevent the uptake. Anthem is right, it has to do with the ions in play.
Look at Calcium and Magnesium. If you are having a Cal deficiency, like at the beginning of flower, letting the PH drift up is a good thing. Let it drift too far and iron becomes a problem.
There are many charts out there and often they are drawn differently. Also note that Hydro is not the same as soil, and there are different charts for soil. The bottom line is the macro trends are true regardless of the specifics.
When you hear the term lockout - this is where it comes from.