Yes, all it takes is one tiny pinhole and the fountain solution begins getting under the chrome and attacks the roller underneath. it will cause a bubble it the chrome that will eventually flake off.
In the past I found a common issue was on a 40" Komori, when taking out and installing water form rollers it is very easy to ding the chrome vibrator roller with the gear on the form. Some of the older ones were real bad, the rollers were quite heavy, and had a steel gear on one end, brass gear on the other.
A small ding may not seem like much, but it will eventually become a problem. I always wrap the chrome roller in cover stock to protect the surface while dealing with the heavy 40" water form.
The same damage on a chrome pan roller will cause the this problem much faster, as the roller is partially submerged in fountain solution. The pan roller also requires a top shelf plating, for the same reason.
On a side note, I was in a plant several years ago that was experimenting with a polished stainless steel pan roller on one of their presses, It was running fine. I have not been there since so i don't know what the final outcome was.