If you're using the word "distortion" broadly:
Some waveform distortions may be more objectionable to a given individual than other waveform distortions. A different individual may have the reverse preference. In some cases, minor distortions may be welcome (particularly for less than perfect recordings). Overall, it would be hard to generalize, much less get a consensus.
If you're talking narrowly about THD, then I'd argue that it's both frequency dependent and individual listener dependent, but at some point, the answer to that question is "yes" for most listeners. Since all speakers produce material amounts of THD (particularly at low frequencies), the trick is finding a speaker system that doesn't reach your own sensitivity point. The good news is that most people seem to be quite insensitive to very low frequency THD, so the arena where most speakers perform worst on THD, seems to be the least critical.