Yes, a drop in the frequency of light can occur over sufficiently large distances due to the expansion of space. This phenomenon is known as cosmological redshift.
As the universe expands, the space between galaxies, clusters of galaxies, and other cosmic structures also expands. When light travels through this expanding space, its wavelength stretches along with the expansion, resulting in a redshift. Redshift is the increase in wavelength (and decrease in frequency) of light as it travels through expanding space.
The amount of redshift depends on the scale factor of the universe at the time the light was emitted and received. For relatively nearby objects, such as within our galaxy or in nearby galaxies, the effect of cosmological redshift is minimal compared to other factors such as motion and gravitational redshift. However, for extremely distant objects, such as those in the early universe or located at significant cosmological distances, the redshift caused by the expansion of space becomes significant.
Observations of cosmological redshift have been crucial in providing evidence for the expansion of the universe and the Big Bang theory. It allows astronomers to study the distant universe, measure the expansion rate of the universe, and gain insights into the history and evolution of the cosmos.