Yes, but presumably, you want the level to be going down or staying down.
GFO (and other binders) being "spent" is not an on/off state. The amount it binds goes up as the phosphate concentration goes up.
FWIW, I'm not saying this is a problem in normal use. If you run GFO starting at 0.1 ppm and it drops to 0.01 ppm, and then after a few weeks it begins to rise again, it it time to replace the GFO and there has been no net release of phosphate to the system.
But if you run GFO and leave it there as the phosphate rises when it is "spent", then whatever other means you then begin using to remove phosphate (such as macroalgae or water changes) have to strip some phosphate off the GFO to bring tank phosphate down to low levels again. Not all of it, certainly, but some of it.
Anyway, I don't want to blast GFO excessively. I use and like GFO.
I just don't agree with some of the marketing claims.