Yes, time dilation is a significant effect that occurs when an object travels at speeds close to the speed of light. According to Einstein's theory of relativity, time dilation states that time moves slower for objects in motion relative to an observer at rest.
When an object approaches the speed of light, its relative velocity causes time to slow down for that object compared to a stationary observer. This means that as an object's velocity increases, time appears to pass more slowly for the moving object relative to a stationary observer.
The effect of time dilation becomes more pronounced as the object's velocity approaches the speed of light. If an object were to somehow reach the speed of light, time would effectively stop for that object, from the perspective of an observer at rest.
This phenomenon has been experimentally confirmed through various experiments and observations, such as the famous Hafele-Keating experiment and the observations of high-speed particles in particle accelerators.
In addition to time dilation, other relativistic effects, such as length contraction, also come into play when an object approaches the speed of light. These effects fundamentally alter our perception of time and space and are an integral part of Einstein's theory of relativity.