Absolutely. If you meditate so much that it starts to work, it's like any effective medicine or treatment. It has potential for adversarial side effects. Even mentally healthy people get into some crazy states and can experience meltdowns while meditating. I have seen several cases of people having full blown psychosis needing psychiatric care.
Saying that if you get into a bad place you are not meditating right is also wrong. Buddhist tradition knows about these, but they are described in a way that often makes people think it's some kind of philosophical otherworldly metaphor. They can be pleasurable or horrifying or just weird. Japanese zen tradition calls all these just makyō (the realm of demons).
Everyone who has meditated long enough has encountered them. You can read sutras to see Buddha fighting with crazy. Almost every honest autobiography from famous meditation teachers has mentions of them. Zen Master Hakuin had probably the most famous complete meltdown. He called it Zen sickness. https://en.wikipedia.org/wiki/Hakuin_Ekaku#Zen_sickness He had to stop and seek help.
Many things that are worth doing and give meaning to life are not safe.
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Making things worse: Meditation attracts people with mental issues, and many treat them as a substitute to medication or therapy. Meditation is neither. It can be used as part of therapy, but it's not a substitute. Better get your therapy/medication right and then meditate moderately if that feels fine.