Could be, but you should be able to measure that with an ohmmeter as with the worn wire.
One thing you could try is to disconnect the fuel pump electrical plug and turn the ignition on. If the low fuel light is still on then the low fuel wire is grounded somewhere or the instrument cluster itself is at fault.
If the light doesn't come on then it is being grounded somewhere in the fuel pump assembly and that is either a wire worn through or the sensor failed.
I haven't come across one but that doesn't mean they don't fail - the spare listed for my '06 is P0789.K.