Yes. Since the data is processed at the hardware level that makes sense. The garbling I usually see is because of the software level getting behind and dropping portions of multibyte characters (UTF-8) or unprocessed escape sequences (ANSI escapes, x terminal stuff)
But that may be specific to my use cases of Linux peers. If you're doing 7 bit ASCII then it makes sense to just get whole character sequences dropping out versus intermingled control characters and spurious extended characters. -- John.