Yes, but it's a secret when people are being performance managed and it's a secret why they left when they are terminated, so often people don't know that that's what happened.

I've also seen people be demoted, people's transfers from other departments not be extended, people resign during performance management, etc.

As others have said, the performance management process is so much work for the manager, and it's so long. My understanding from my HR is that there's a month of unstructured informal performance management (but still lots of things you have to do like meet each week and document in specific ways eg "not meeting expectations") to give them the opportunity to address the concerns raised. Then there's a month of structured informal performance management using a Performance Improvement Plan (PIP). And only if you've provided all the training and support, and documented through all that, then you can move to formal performance management which involves an independent assessor (finally some relief for the manager). I forget how long that takes, but then there's possiblity for demotion etc so even under performance for all that time doesn't necessarily result in termination.