Yes, there's been lots of research for many years on this.

https://www.google.com/search?channel=fs&client=ubuntu&q=ult...

And if you want a real tangible example of cavitation, albeit via microwaves rather than focussed ultrasound, take a look at any plastic food containers that you microwave regularly. You'll likely be able to see food that has been 'jetted' into the plastic.