I would say yes in the mod, rather no in stock game. In stock game passive (and active) seekers are so sensitive that only det curve restricts it's range so ambient noise has little or no effect. In the mod passive seekers where tuned by sensivity to detect given target at given range and things like layers and ambient (sea state) noise have great effect.
So it could happen that deep running (not affected by sea state noise) passive torpedo detects a surface target, go for it and when close to surface has sensor affected by sea state noise (strongest near surface) and loose target. Not very probable because it would be very close to target when coming close to surface, but maybe for very weak targets in high sea state...
BTW grrrr torpedo range bug not fixed in 1.03
to see it launch two torpedos one at 55kts second at 30kts, the faster will go further (beyond max range), the slower will not reach max range...
I'm glad I made versions of torpedo mods for playables - normal for corrected and compensating for uncorrected range bug. But it's only for playable torps, most of non-playable will be bugged (range at max speed increased).