Oh, yeah.
Seems trickier on my frames with oval tubing. Something about it transmits noises away from the actual source. On my conventional frame Centurion the noises seem readily apparent. But on the Univega with that spiffy Bi-Axial Power Oval frame, the oval top tube is thin, pingy and resonant, almost like a chime. So it's tricky to track down noises -- everything resonates in the top tube.
Recently chased down a squeak that finally motivated me to redo the bottom bracket. Turned out to be a dork disk I'd forgotten to remove when I'd swapped out the 7-speed cassette for 8-speed. The 32T big cog hid the smallish dork disk so I forgot it was there. On the plus side, it did motivate me to redo that BB, so... not completely a bad thing.
Intermittent squeaks that turned out to be my shoes rubbing against the crank arms.
And the thing @
noglider mentioned -- clothing or other stuff pinging against the bike.
Shoes catching an overlong bit of cable on the front derailleur, causing it to snap back and ping the frame.
And, once or twice, an actual mechanical issue that needed attention, mostly because I stupidly sold my torque wrench several years ago thinking I'd never need it again and now resort to guesstorquing. Like a slightly loose crank arm on a square taper BB. A retaining ring on a new cassette that needed tightening. Or trying to adequately tighten a chainring bolt without the little nut wrench to keep it from spinning uselessly.