Yes and no. New materials are appearing all the time in the aerospace world but the materials used in bikes today are actually borne out of that world. Most high quality bicycles use aerospace grade versions of their respective material (steel, aluminum, carbon fiber, titanium). The quality control can of course vary but respective bike builders have as good a quality control as Boeing. Airframes do suffer cracks and fatigue of the course of their lifetime. Sometimes these can be repaired but there are plenty of aircraft that were placed in a "degraded status" with reduced mission responsibilities due to airframe age. One example of this was the C-141 which had its mission profile reduced when the majority of the fleet began showing cracks along the dorsal spine... yet the Air Force was still flying them. Careful inspection of your frame is essential to safety. Wash your bike, go over your frame and spot problems early. All the macho mountain bikers who brag about never washing their bikes are just being foolhardy.