I will begin by saying that, although I have been rigging for many years, I am not a certified rigger or rigging inspector, and that all rigging inspections should be carried out by a Qualified Person. But this is how it was explained to me:
I don't know about "stress fractures", but one thing to be concerned with about all metals is "strain hardening." All materials have a degree of "elasticity," which is the measure of how far a material can be strained beyond it's original shape while still being able to naturally
return to its original shape when the strain is removed. Think about a rubber band: it has high elasticity, which means that it can be strained quite a
bit past its original structure, but it still returns to its original size and shaped when the strain is removed.
When materials are strained beyond their elastic limit (as in when a
truss is overloaded), their shape is permanently deformed (think about the rubber band that has been "stretched out"). In metals particularly (and possibly in other materials, I'm not sure), this molecular deformity causes a permanent decrease in elasticity (hardening), which results in the material being more brittle. This hardening happens a little at a time, based on how much something is overloaded, how often, and what direction the strain is in.
As an example, think about a paper clip. Paper clips are very flexible, but they have a low elasticity: they do not
return to their original shape after they've been bent. If you take a straight section of a paper clip and
bend it in half, it doesn't break, but it is permanently deformed. If you straighten it back out, you see that it's shape has been changed...it can't be fully straightened again. Now, if you keep bending and straightening the paper clip in the same spot, it eventually breaks. This is the result of brittleness caused by strain hardening.
So to answer your question: yes, there is truth to this. Even though
truss is less flexible than a paper clip, it still has a degree of flexibility designed into it. When strained beyond its elastic limits, or in other words, when overloaded, the
truss undergoes a molecular change which makes it less flexible and more brittle. Flexible objects
bend when strained, brittle objects break.
Shock loading can cause the same damaging issues, but to a much more serious degree which is exceptionally difficult (is it even possible?) to measure. Because of this, I have always been taught to immediately retire any equipment that has been subject to a
shock load.