Kinda.
You have seen those arrows on truck lug nuts that indicate visually if a lug nut is coming loose?
Those are a joke, invented by people in office chairs, probably insurance companies, to keep people happy who have no idea what happens when a wheel comes loose. If in fact "most" of the nuts are correct, then one or two finger tight nuts won't come loose. If there's enough relative motion between the wheel and the hub to loosen any bolts, the wheel will be off before anyone sees. And in practice, truck wheel nuts (and lugs) are A, just about universal, and B, the joint is VERY well understood and VERY over secured, and is stronger than anything that's going to happen to it. The wheel it's self will fail first. Or the hub will fail first. Most times when a wheel comes off of a truck, the nuts never moved at all, but they were overtightened, just barely into yield, too many times. Big ugga duggas are great at doing that. They keep tightening until the bolt (stud) starts to twist up. The threads on the bolt/nut have reached "self locking", where you want them, and they start to twist the bolt (stud). When the ugga dugga "hits", they turn to the right, and between hits, they spring back. That's where the ugga dugga stops. A couple of rounds of that, and the studs will literally be damaged to the point that they, and not the nuts are what fails. The telltales never move until they tumble down the road, still on their nut, with the outside end of the stud still inside of them.
There are other applications in industry where the over designed joint (safety factor) is not nearly as robust as it is in truck wheel nuts and studs, but these are not regulated in the same way, and inspections can be (reasonably) done on a given schedule, and it "should" be fine that way. That's what these self indicating fasteners are made for. Things where the operator actually could "beat something loose" if they set their mind to it. By being a stretch indicator, these bolts do not care one way or the other if the bolt's metal is stretching more (most likely) or the thing is vibrating loose (less likely). If you have a joint where there is relative motion under the fasteners..... Yeah, that's how bolts turn themselves loose, but you also have a poorly made joint at that point that needs some re-engineering.