Yes and no..... If you have a TPMS system, the hot hub will show up on your display and a warning will sound, and it may give you some time to get to a shop. If you don't have any way of monitoring the hub, then the first sign something is wrong might be be nasty noises and smoke coming out of the hub.
I have had several bearing failures over 40 years, luckily all but one I caught in time. The one I missed was on a little motorcycle trailer with 8 inch wheels. It did not like cruising at 75 mph for three days straight and one bearing set disintegrated catastrophically.
Everyone really should have a TPMS, it just makes sense for peace of mind and safety.
It's also smart to physically check all the bearings routinely, say every thousand miles, by raising the tires off the ground and moving the wheels by hand. Rotate and listen for "dry bearing" rumbles, and shake the top of the tire inwards and outwards to watch for play.
This latter check can be done in five seconds per tire when stopped with the tires on the ground and the trailer brakes off (a normal parked scenario). Put your foot on top of the tire sidewall and push violently inward as hard as you can, repeatedly, using all your weight. If there is play in the bearings you will see the hub move and it will make clunking noises.
That second method only detects bearings that are REALLY loose, moving them by hand is a far better way to do it, I have caught bad bearings on rental trailers by kicking with my foot. It really does work.
John Davies
Spokane WA