YES! But it's not like latex is safe. It is expected that a prime ingredient NMP will be officially labeled as toxic this year. Paint manufacturers are working to get rid of NMP in their latex paints.
http://ecb.jrc.it/classlab/4702a06_IND_1-methyl-2-pyrrolidone.doc
There's some food for thought... BUT... None of you guys ever breath latex paint fumes... right? You all wear respirators...