Absolutely. Iron is a great example, because while technically a micro nutrient, it is typically required in quantities much higher than other micros (or trace elements). Though it is still needed MUCH less than the true macro nutrients: NPK & C.
As you say, anything consumed can be limiting. But micro nutrients are less likely to do so, for a couple of reasons. First, before becoming limited by a micronutrient, most plants will begin pulling that nutrient from its own tissues. So new growth can still occur at the cost of old growth dying off sooner than it otherwise would. So a "bottoming out" event of a micro will typically manifest itself by gradual die-off as growth continues. However, that may be something only higher order plants can do (I don't honestly know). A second reason why micro's are less likely to be limiting than macro's is because they typically exist (in natural settings) in excess of actual need. It's the macros that most plant life use up first.
But not always. So yes, micros can limit too.
FWIW - I dose my reef tank with a tiny amount of micros every week (KZ Trace Element Complex) specifically to ensure that micros never become limiting to either my corals, or the algae I'm trying to grow. And regular water changes ensures that the concentration of unused traces never reaches an unhealthy concentration. For the average reefer - performing regular small water changes - running out is not impossible, but also (I suspect) a bit unlikely.
