Yes, but in my experience most people who say that don't realise what that means. It's not just a case where the report might show old values for a row that's just been updated, that is the least of the anomalies that nolock can cause.

I had an architect who maintained that position and insisted on nolock on all reports, until I showed him a report that had 3 of a particular client's transactions duplicated on the report, resulting in the total being out by around 40%.