Absolutely. But to management it can look like another reason.
For example it could look like “Not enough revenue to pay all the devs”. But you only need a big team because it’s basically spaghetti code and there’s a lot of fires to put out.
I’ve seen this.
It’s also really hard to convince managers even technical ones who are not in the code that there is complexity to deal with. “But it’s just a [something that prima facie sounds easy] should be easy!”