Yes, at point-blank range, it can, but not if you stand back and allow yourself a good distance. It's true that even with a light-duty pressure washer, at point-blank range, you can still strip the paint off your frame, not to mention grease from the inside of bearings. Take a few steps back to the distance where the stream begins to transition to mist, and only move closer for really tough mud.
Look for a nozzle that fans the water out into a sheet as this will help to get rid of the stickiest mud while also spreading the water pressure out over a wider area.