Probably.
An old shade tree mechanic testing tool is a long screwdriver - press it to a spot on the alternator and rest your head on it just near your ear - it makes a great stethescope.
If it's the alternator bearing, it'll very slowly get worse, you'll have plenty of time before it fails.
Honesty I've never seen an alternator bearing fail before the voltage regulator - that's the weakest link. But hey, take what you get, right?