Yes. Just like a punt, the defensive team has the option of fielding the ball or letting it roll dead (assuming the ball does not travel out of bounds). However, if they do return it, they will take possession wherever the play ends; whereas if they let it roll dead, they will take possession at the previous spot (college) or the spot of the kick (NFL), or at the 20 yard line.
The exception is high school, where a missed field goal that rolls dead in the field of play will be spotted at that point, so in high school it makes sense to try and return a long field goal attempt. But in college or pro, it is rarely attempted except on the last play of a half.
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