Short and long SMART tests are all about platter condition. Only the conveyance test slightly deals with mechanical condition.
So the answer to the title question is essentially: No.
A drive experiencing the click of death can’t write or read data correctly, at all.
In other words, that drive would fail a SMART test, since the actuator wouldn’t work as intended when it tried to do such a test.
If it’s “only” making a clicking sound but otherwise (apparently) functioning normally it’s something else, or possibly a precursor to what could become the click of death later.
If this noise is new it’s a good reminder to have backups of any important data. A single copy on a NAS is not a backup.
Without a dump of the data smartctl -x /dev/adaX it is difficult to see what is happening.
SMART at best trys to give you a 24 hour heads up of pending doom, however that is not always the case. You could look at the smart data for the past several weeks to see if the spinup time has changed. Or you could check if hardware errors increased.
What I have found is a motor problem where the platters cannot maintain speed. The heads try to load and read the platter data. If the platters spin too fast or too slow, the heads unload and try again. And you now have the clicking noise.
Sudden motor/drive electronic failures do happen but often are not caught by predictions.
Mystery solved, BIG THANK YOU to everyone who made suggestions!
Turned out that a bit of wiring was blocking the case fan.
This system is an old ODROID-H2 in one of the two disk cases. At some point in the past I had to replace the muffin fan and ended up with bulky splices between the old harness and the new fan.
Somehow, probably when I had to move the shelf to deal with a water leak from the neighboring condo, one of the splices ended up poking into the muffin fan.
The click was the fan trying to spin, stopping, then trying again a moment later.
It was obvious where the sound was coming from once I repositioned the case so that I could try ID the “bad drive” aurally.
Not surprising that the SMART tests weren’t showing anything, I don’t that the case fan is part of their area of responsibility…