Yes, sort of... and that's why the usual recommendation is to start low and work up to taste.
While you probably can't actually burn out the coil - kanthal is pretty rugged - you can scorch other parts inside. Insulators, wick... and that nasty taste is pretty much impossible to get rid of, requiring a new head in your topper.
So just start low, take it up in steps until the flavor starts to go bad, and back off the last step or two.