Yes, and there are some subtle differences between cavitation and ventilation:
"As a shape passes through water at an increasing speed, the pressure that holds the water to the sides and back of the shape is lowered. Depending upon water temperature, when the pressure reaches a sufficiently low level, boiling (the formation of water vapor) will begin, The collapsing action, or implosion, of the bubbles releases energy that chips away at the blades, causing "cavitation burn" or erosion of the metal.
The initial cause of the low pressure may be nicks in the leading edge of the impeller resulting from debris passing through. Massive cavitation by itself is rare, and it is usually caused by an impeller that is severely bent or has had its blade tips broken off resulting in an impeller far too small in diameter for the engine.
Ventilation, often mistaken for cavitation, occurs when air from the water's surface or gases from the exhaust outlet are drawn into the impeller blades through the jet intake. The normal water load is reduced and the impeller over-revs, losing much of its thrust. This action most often occurs when turning, particularly in conventional aluminum jet boat hulls (not using a reverse chine). Ventilation can also be caused by aerated water from extruded chine hulls and simulated reverse chines by welding 1?x3? angles along extrusions. Thunder Jet's Exclusive Reverse Chine Hull allows for less impeller ventilation than these conventional hulls."
http://www.thunderjet.com/thunderjet_us_frequently_asked_questions.html
We of course aren't running aluminum hulls, this passage attempts to plug the benefits of a manufacturers hull design unfortunately confuses the issue somewhat so try to read between the lines on that if you don't mind...