Yes it can but the chances of that happening are slim if one keeps changing the oil + filter timely without over-running. There are other factors contributing to this as well for example, if your engine is running super lean and it's summer then you are inviting ring trouble because running extra lean dangerously raises the cylinder temperature and there are chances of pre-ignition. When this happens for long enough, say bye bye to your rings and cylinders. Valve damage / valves ceasing in the guides is also possible at this point.
Experts here would agree with me when I say that it's better to change the oil BEFORE touching the maximum mileage limit claimed by the oil manufacturer. E.g., if the maximum mileage of a certain oil is claimed to be 5000 Km by its manufacturer, i'd change that every 3500 Km, or 4000 Km at max. Better safe than sorry.
Btw, I have been recommended by a lot of "ustaads" by now to switch the current 5W40 of my Liana RXI with 20W50 for better mileage & engine protection. And then people say that Liana is a very troublesome car. These morons do not even know that "spark plug heat rating kis chirya ka naam hai".