Surely. Everything adds colorations. Why do you think people love tubes? Because they are magic? Different cables add more or less pleasing colorations, according to systems and owner preferences.Maybe it'd devolve into a discussion around cable measurements vs audible differences. Been there, done that, though. I'm thinking higher level. I tend to go along with the notion that audiophile cables introduce (sometimes) pleasing colorations for which people are willing to pay.
Forget. In stereo there is no absolute reference. A cable can't be considered or debated without a system.The colorations are perceived as "performance" - and we can argue whether or not that's an accurate descriptor, what it means in an absolute sense in reference to cables or try to define what it should mean.
But I don't buy into the notion that the $40 cable restricts the signal or introduces distortions. At least that's not intuitive nor supported by any data that I've seen. Distortion is measurable.
All cables introduce distortions and noise. Cable distortion and noise are not well understood and have not been measured with success. The question is that $40 cables do not do what $40k cables do. You are really a lucky person if you prefer the $40 cable. If you are able to do the same for sources, amplifiers and speakers you are a very lucky person!
Cables are like electronics. Surely cable colorations are different from electronics colorations - it would be great to have an electronic box that could mimic Nordost Odin Gold! People do not know really why they prefer their Lamm's or DartZeels in terms of measurements or technicalities and are happy with that.
When I want to listen to a "reference" (not preferred) sound I use "my reference" - a Quad 606 mk2 driven by the Studer A80 or the Vivaldi DAC with the Mogami's that are closer to the system (I have a few pairs and they sound different ...).
That said, I did once read that certain Belden cables (e.g. the vintage twisty 9497 Belden speaker wire) exhibit electrical resonance. People say it sounds good, but apparently it's just adding harmonics. I've never seen that substantiated.