That’s certainly a possibility, but if someone told me they were put on a PIP, and asked me what they should expect, I’d tell them that in all likelihood it means that they are going to be let go in the near future.
It’s a different story if the company does regular performance management with all employees. For example I work in the public sector and we do annual performance reviews, but also annual performance agreements, which are basically PIPs but without the prerequisite that performance has diminished.