Yes, in that if you have a cursor in a long running dml operation, when Oracle no longer has enough rollback room to make a read consistant view of the database it will throw the "SNAPSHOT too old" error message. But in my experience it is usually the cursor that gets the error message not an external query. So when possible don't have long running queries.

SELECTS do not create rollback, they do cause reads of rollback to get the read consistant view.