Not really, but sort of. As the price drops, miners start leaving the network, causing the difficulty to drop, which keeps the block generation at the same rate.

Now please correct me if I'm wrong, but IIRC the difficulty adjustment requires some blocks to get mined, so if the hash rate would drop extremely quickly, the duration needed to adjust to the lower hash rate could take a long time. However that would mean the potential block fees would be steadily increasing so maybe it would quickly fix itself (make mining those blocks more profitable).