I definitely think so. After all, anxiety can have an effect on your breathing, if your breathing gets irregular then that can cause physical discomfort. When my anxiety used to be even worse than it is now, I had that horrible butterflies feeling for about 5 hours every single day, it was just constant, and it was extremely painful if I was faced with something that made even more anxious than I was feeling already.

I still get heart palpitations and chest pain sometimes even though I don't get that feeling as often anymore, so I do believe it can.