Could be yes, the transducer is a magnet that spins and a reed switch that opens and closes, now that should be sealed in glass but you never know :roll:.
Easy to test though, jack up one wheel at each end and check for a 12 volt pules to the speedo head/engine ECU/cruise control/EAS (delete as appropriate).
BTW if any of these work as normal then the speedo is goosed for sure.