In professional recording studios ALL cables are replaced whenever there is a perceived change in audio quality or any electrical problem with the equipment. Although the cost of replacing all of the cables is high it is cost effective in reducing downtime. Replacing the cables will resolve 90-95% of equipment related problems immediately.
So cables do "wear out" in the sense that they can malfunction at any time, whatever the actual cause.
So cables do "wear out" in the sense that they can malfunction at any time, whatever the actual cause.