Yes, but unless you actually burn it out, probably not in a measurable way. Most can be cleaned and dry burned to restore proper function - i.e. burning off the gunk.
In practice, other than needing periodic cleaning and maintenance, the wicks will deteriorate first. Replace them after dry burning and the coil itself can last a long time regardless of the voltage / power setting used.
And even if / when the coil actually fails, most can be rebuilt. If you're using Kanger types, and don't want to delve into that just yet, keep all your old ones. You may decide to get into that part of the
vaping hobby at some future date.
The gunking up Rick mentions is the primary cause of
coils' performance fall off, not the kanthal actually going away. It's just covered with baked on crud that impedes the heat transfer and gives a bad taste. As Steve says, yes, the kanthal is gradually going to deteriorate, but it takes a long time.