Often times yes. But it's not the only thing that can make a speedo needle do that.
In no particular order:
1. Cable dry and needs lube.
2. Cable frayed and needs to be replaced.
3. Driven gear in the t-case/trans worn out.
3a. Hopefully the driven gear, because the drive gear is more of a pain to replace!
4. Speedo cable not attached to the speedometer correcty.
5. Speedometer itself is failing due to either needing lube, needing adjustment, or something broken.
So yes, it might be time to replace the cable. But unfortunately it's not the only possible fix, so you might need to do a little more digging.
Just don't assume just yet. Wait until after a couple of tests.
paul